Parsvnath to Invest $4 bn to Develop Over 100 Projects

July 30, 2007	(1 votes, average: 3 out of 5)  Loading ...
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Parsvnath Developers, a prominent name in Indian real estate, plans to invest over $4 billion over the next 5 years. The company will translate its large land bank across India into more than 100 real estate projects.

Parsvnath’s current land bank constitutes a saleable area of over 153 million sq ft. and the company holds projects in all verticals including commercial, residential, retail, hospitality, IT Parks, and SEZs.

The project cost of the company’s current land bank is over $5 billion. Of this, $1 billion has already been spent on buying land. The investments will come through debt and internal accruals, informs Pradeep Jain, Chairman, Parsvnath Developers.

Construction work on 66 million sq ft. of area is already in progress. The average cost of construction is evaluated to be Rs 1,115 per sq ft.

In addition to hotel projects, Parsvnath Developers will also develop 114 multiplex screens under its commercial projects.

About 26 million sq ft. land will be used for the construction of four IT/ITes SEZs. The company has already got a nod for the same. A new subsidiary has been formed for handling the development of SEZs.

Parsvnath Developers is also looking forward to add an aggregate salable area of around 170 million sq ft by December for seven other SEZs.

News Published Under:   Real Estate Developers |

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