Parsvnath to Invest $5 Billion in Realty Projects

April 7, 2008	(Be the first to rate this story!)  Loading ...
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Real estate firm Parsvnath Developers Ltd plans to invest about $5 billion in the next 3-5 years on different realty projects in India and to increase the land area it will develop, a top official said.

The company intends to have 350 million square feet of commercial area by the end of this fiscal year from 209 million square feet now, its Chairman Pradeep Jain told reporters on Saturday while inaugurating a township in Chandigarh.

The investments would be in different ventures including residential projects, integrated townships, special economic zones, hotels and retail business.

The company also plans to venture into the hospitality sector, with an investment of $1.5 billion in this segment in the next 3-5 years, he said.

“We propose to build about 100 hotels in different categories which would have 10,000 rooms.”

It has a joint venture with ITC’s subsidiary Fortune Park Hotels Ltd and Royal Orchid Hotels Ltd to manage hotels across India, he added.

Of the total planned investment, about $2 billion would be spent on projects in north India. It has two special economic zones coming up, a residential colony, an integrated township and a 200-room five-star hotel.

The company expects to realise about $1 billion from Prideasia, the project it inaugurated, the land for which it acquired for 8.2 billion rupees ($205.8 million).

The Parsvnath group is also exploring possibilities for a foreign collaboration to move into the retail business.

“Discussions are on to have a tie-up with a foreign company to set up hypermarkets in India, but I can’t comment further,” Jain said.

News Published Under:   Real Estate India, Real Estate Developers |

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