Parsvnath Developers Ltd. updates on allotment of commercial plot in Greater Noida.

Greater Noida Industrial Development Authority ('the Authority') invited offers for allotment of Commercial Plots on 90 years of lease in Greater Noida in the year 2007 under the Commercial Plot Scheme. Parsvnath Developers Limited ('the Company') had also submitted its tender for the same and was allotted Commercial Plot No. SLC-8/G, Sector Delta 2, Greater Noida having area admeasuring 18,632 sq. mtrs. (Later, as per the lease plan, the allotted area was reduced to 18,012 sq. mtrs.).

Due to certain reasons, the Lease Deed could not be registered in the name of the Company, within the prescribed time and the matter was under dispute.

To resolve the matter, the Company had opted for the Project Settlement Policy of the Authority under which the Company has received the lease plan for the Commercial Plot No. SLC-8/G/1, Sector Delta 2, Greater Noida, having area admeasuring 4,751.16 sq. mtrs. ("Said Plot") allotted to it by the Authority against the payment already made by the Company.

On submission of all the requisite documents and fees / charges with the Authority, the Company will get the Lease Deed registered in its name and will obtain all the requisite sanctions and approvals from the concerned Authorities for development of a Commercial Project on the Said Plot.

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