Mumbai: Realty firm Parsvnath Developers Ltd today said it has bagged a Brihanmumbai Electric Supply Transport Undertaking (BEST) order for development of a 40,000 sq ft land at Mahim Bus Station in Mumbai.

The land developed with a realisable value of Rs 70 crore would be used for commercial and residential purposes, the company said in a communique to the Bombay Stock Exchange.

The order would be executed within 24 months, the Delhi-based company said. The Mahim project would be on lease to the company for a period of 60 years.

This project is in addition to a project bagged from BEST for re-development into a modern bus terminus at Kurla, along with modern passenger facilities and a commercial shopping complex.

Remodelling of the existing bus station would also be a part of the order bagged, the real estate firm informed.

Shares in the company closed 5.31 per cent up at Rs 294.60 on the BSE.