Parsvnath Developers partners Akshaya Signature Homes to build 8-acre housing project in Chennai

Realty firm Parsvnath Developers Ltd on Wednesday said it has entered into an agreement with Akshaya Signature Homes to develop a housing project on an eight acre land parcel in Chennai.

The company has entered into a Joint Development Agreement (JDA) with Akshaya Signature Homes Pvt Ltd for the development of a residential plotted colony on land admeasuring 7.90 acres (approximately) situated at Old Mahabalipuram Road (Chennai), Parsvnath Developers said in a regulatory filing.

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The company acquired this land from Sumeru Soft Pvt Ltd on November 2, 2021.

The revenue generated from the sale of the saleable plots in the project shall be shared between Parsvnath and Akshaya Signature Homes in the ratio of 55:45.

Parsvnath Chairman Pradeep Jain said the company is joining hands with local/ strategic partners for the development of land parcels owned by it.

This will help the company in faster execution of the projects and also improve its cash flow position, he added.

Last month, Parsvnath had cancelled its 15-year-old joint venture agreement with Sumeru Soft Pvt Ltd and Gomathi Visweshwaran Trust to develop a 31-acre mixed-use project in Chennai and got nearly eight acre land in a settlement with the two partners through arbitration.

The project could not be developed because of the market conditions and hence all the parties decided to terminate the agreement.

Parsvnath Group has a presence across 37 major cities. It has already delivered 68 projects.