Realtor Parsvnath cancels JV to build project in Chennai; gets 8 acres in settlement

Realty firm Parsvnath Ltd has cancelled its joint venture agreement with Sumeru Soft Pvt Ltd and Gomathi Visweshwaran Trust to develop a 31-acre mixed-use project on the Old Mahabalipuram Road in Chennai. The project could not be developed because of the market conditions and, therefore, all the parties decided to terminate the agreement. The company has got nearly 8 acre land through an arbitration order and will monetise this land parcel.