Parsvnath Developers Ltd (PDL), a Delhi-based real estate developer, has raised Rs 75 crore from private equity fund Sun Apollo. The real estate fund has invested for a 50% stake in a premium residential project ‘Parsvnath Exotica Part II’ to be developed in Gurgaon.
Sun Apollo, a $630 million India focused realty fund, is a joint venture between Sun Group led by Delhi-based Khemka family and US-based AREA Property Partners.
SUN Apollo has already invested in three other companies in India. In May 2009, Sun Apollo has invested Rs 300 crore for a 15% stake in Keystone Realtors, a Mumbai-based real estate developer. Prior to that, it has invested in ‘The Gateway’, a 4.8 million square feet mixed use development by Shriram Properties Ltd in Chennai, and ‘Point Indu’, a 7.8 million square feet IT SEZ from Indu Projects Ltd in Hyderabad.
On fund raising, Pradeep Jain, chairman, PDL said, “We see recovery in the real estate markets following improvements in liquidity and rationalization of property rates.”
Earlier, in June and October this year, Parsvnath has raised a total of Rs 115 crore from another PE firm Red Fort Capital for 22% stake in ‘Parsvnath La Tropicana’, a group housing project of the company in north Delhi.