Parsvnath to invest over Rs16,000 cr to develop projects

Parsvnath to invest over Rs16,000 cr to develop projects
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First Published: Sun, Jul 29 2007. 03 35 PM IST
Updated: Sun, Jul 29 2007. 03 35 PM IST
By PTI
New Delhi: Realty firm Parsvnath Developers Ltd will invest over Rs16,000 crore in the next 5 years to develop its existing land bank, which would translate into more than 100 projects across India.
Parsvnath’s current land bank aggregate a saleable area of over 153 million sq ft and the company has projects in all the real estate verticals that include residential, townships, commercial, hotels, IT parks, SEZs and Delhi Metro.
“We will invest over four billion dollars to develop the existing land bank of 153 million sq ft by fiscal 2011-12,” Parsvnath Developers Chairman Pradeep Jain told PTI.
Jain said the project cost of existing land bank is over $5 billion and over a billion dollar has already been spent on purchasing land. It would fund investments through debt and internal accruals.
The company, having presence in 47 cities and 17 states, has already started the construction and development work on 66 million sf ft of area, he said, adding that the average construction cost was estimated at Rs1,115 per sq ft.
On the total existing land bank of 153 million sq ft, Parsvanth would develop as many as 32 residential projects, 22 commercial, 18 integrated townships, 17 hotels, 6 related to Delhi Metro, 4 IT parks and as many SEZs.
Parsvnath would be developing about 2,400 rooms under various categories in 17 hotels at a cost of Rs750 crore.
“We are in talks with global operators to manage our hotels,” Jain said, adding that the final decision would be taken shortly.
Besides, it would develop 114 multiplex screens in its commercial projects and select metro malls.
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First Published: Sun, Jul 29 2007. 03 35 PM IST