DLF, Parsvnath Bid for MCD Tower

Delhi’s top developers are in the fray for the management of MCD’s proposed civic centre on Jawaharlal Nehru Marg near Connaught Place. Construction agency IJM Corporation Berhad of Malaysia and architect Shiriesh Malparia & Associates have been engaged by MCD for the construction of the commercial tower.

MCD’s 28 storey civic centre on 11.5 acres will provide for 6 lakh sq. ft. of commercial space and three basement parking levels. The centre will be connected to the New Delhi Metro station, and through it, to the international airport.

The MCD will consume half the covered area for its own operations, leaving
the rest for management by a private developer.
The project has been targeted for completion by the end of 2008, and applications
from DLF and Parsvnath have been received for a 30 year lease for maintenance
and operations.

Parsvnath and DLF are the only bidders for the project, with
the former undercutting DLF by Rs.400 crore.
The civic centre will accommodate auditoriums, restaurants and zones,
banks and fitness clubs.

Connaught Place fetches rentals of around Rs.325
per sq. ft, and the MCD seeks to cash in on the short supply for office
space.

Parsvnath has recently been in the news for winning the contract for the
DMRC shopping mall project at Netaji Subhash Place Metro Station.

The
company has also received approvals for 12 of the 16 SEZs it has applied
for. Parsvnath is concurrently tapping overseas investments in residential,
commercial, retail and Greenfield projects.