Forum directs firm to refund Rs 5,82,000, paid by Bhushan for a plot of land
The telecom foray is the second diversification outside its core business of developing residential and commercial real estate -- it is already in the Special Economic Zone space with five zones to be set up across the country.
Leading realty firm Parsvnath Developers Ltd on Friday said it has put on hold 12 Special Economic Zone projects across the country due to credit crunch.
Real estate major Parsvnath Developers Ltd, which has announced its retail foray with hypermarket format stores, is understood to be in talks with French giants Carrefour and Groupe Casino for partnering in the new venture.
Parsvnath SEZ Ltd -- the subsidiary of Parsvnath Developers -- now has two notified SEZs for IT/ITES sectors at Indore and Gurgaon with a combined developable area of over 16 million square feet.
The Supreme Court on Friday directed Parsvnath developers to hand over possession of a flat in its Gurgaon project to Minister of State for Information and Broadcasting Rajyavardhan Singh Rathore in two days.
This is the second instance of a realty firm foraying into telecom in less than a month. In August, Delhi-based Parsvnath Developers had submitted an application to the DoT for a Unified Access Service licence in 22 circles.
The BoA, a 19-member inter-ministerial body that deals with special economic zone -related matters, is scheduled to meet on September 9.
At a recent meeting, the Board of Approval headed by Commerce Secretary S R Rao, also allowed three SEZ developers to surrender their project.
The board would take a decision on these applications on February 20.
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