Realty firm Parsvnath Developers today said it has raised Rs 100 crore by selling 49.9 per cent stake in a housing project at Ghaziabad to private equity (PE) firm Sun Apollo.

The 31-acre housing project 'Parsvnath Exotica' is being developed by its subsidiary Parsvnath Buildwell.

"Sun-Apollo will invest up to Rs 100 crore for a 49.9 per cent stake in the project SPV Parsvnath Buildwell, which will develop the project," Parsvnath said in a statement.

The construction of the project has already commenced and all requisite approvals, including sanction of building plans, have already been obtained.

"This is the fifth project being developed by us in which foreign investors have made foreign direct investment (FDI)," Parsvnath Developers Chairman Pradeep Jain said.

For Sun Apollo, this is the second investment in Parsvnath's project.

Earlier, it had invested Rs 75 crore in a housing project in Gurgaon.

Since 2009, Parsvnath has raised nearly Rs 440 crore through two rounds of private placement of equity shares with institutional investors and another Rs 410 crore by selling stakes at project level to PE firms.

The company had utilised the Rs 850 crore raised through Qualified Institutional Placement (QIP) and private equity at project level to cut its debt and meet the construction cost.

At present, Parsvnath is working on 54 projects with a total area of 80.68 million sq ft, out of which approximately 40 million sq ft is already booked.

The company has land reserves of approximately 193.98 million sq ft, which is spread over 45 cities and 16 states.

Sun-Apollo is a USD 630-million India dedicated real estate private equity fund. It invests in development and acquisition of assets across property types.