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Parsvnath Dev up ...

Parsvnath Dev up 11%, wins arbitration case against CHB

The Chandigarh Housing Board (CHB) has been directed to pay the company Rs 568 crore along with interests from January 9 (2015 till the day of payment) and return bank guarantees of Rs 75 crore. Earlier in 2006, the company had entered into a development agreement (DA) with CHB for development of residential, commercial and other related infrastructure facilities as an integrated project on land measuring 123.79 acres situated at Rajiv Gandhi Technology Park, Chandigarh. The company had paid Rs 516.23 crore as bid price towards the part consideration payable for the right to develop the project during the period from October 2006 to April 2008.