New Delhi: Parsvnath Developers Limited ("PDL") has inked an agreement with SUN-Apollo India Real Estate Fund LLC ("SUN-Apollo") for an investment in its premium residential project at Ghaziabad, Uttar Pradesh ("Project") spread over an area of approx. 31 acres known as "Parsvnath Exotica- Ghaziabad". SUN-Apollo will invest upto INR 1,000 Million for a 49.9% stake in the project SPV, Parsvnath Buildwell Private Limited, which will develop the Project.

The construction of the Project has already commenced and all requisite approvals including sanction of building plans, besides various other approvals such as environmental clearance, etc., have already been obtained.

Commenting on the investment by SUN-Apollo, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said, "This is the fifth project being developed by us in which foreign investors have made foreign direct investment. This is the second project being developed by PDL, where SUN-Apollo has made an investment. In 2009, SUN-Apollo had made investment in "Parsvnath Exotica Part-II Gurgaon" being developed by PDL through its SPV, Parsvnath Hessa Developers Private Limited.

"The continuous inflow of foreign direct investment in projects being developed by PDL shows confidence of the investors in PDL" Mr. Jain added.