Parsvnath Developers and Indiabulls Real Estate (IBREL) have decided to join hands to bid for 10 prime plots being offered by the Indian Railways for commercial development across different cities. The two players have submitted the request for qualification (RFQs), a pre-bid requirement, for all the ten plots on offer by the Rail Land Development Authority (RLDA) in phase 1 of development.Sources said Parsvnath and IBREL have entered into an understanding for bidding for the land through RLDA. The objective of the agreement would be to design, develop, finance and to market the developed property. The companies are reportedly said to be partnering for the project since IBREL is financially strong whereas Parsvnath has project execution experience and capability. The 10 sites which have been earmarked for development include Pune, Delhi, Kanpur, Gwalior, Visakhapatnam, Kolkata and Bangalore. A total of 700 acres across 107 sites had been shortlisted by the ministry for development.
