New Delhi: Real estate developer Parsvnath Developers Ltd plans to enter the international real estate market by forming offshore development companies in various countries to kick off projects overseas, even as the real estate market in India starts to slow.
The companies would be set up as 100% units of Parsvnath. “We plan to float offshore companies under the Parsvnath banner,” said Parsvnath chairman Pradeep Jain.
“The business structure for our foray into the offshore market will be ready in a month’s time.”
The company plans to expand its footprint outside India to countries such as Sri Lanka, Mauritius, Singapore and the UK and in West Asia.
“We are already a pan-India player. We now want to establish ourselves in the international market,” Jain said.
Parsvnath is present in 48 cities in India. Jain said the Indian real estate market wasn’t slowing despite showing signs of sluggishness.
The firm will foray into the offshore markets either on its own or through joint ventures with local developers or the government.
Parsvnath has already entered a joint venture with the Oman-based, Al-Hassan Group of Industries to enter the Oman realty market. Parsvnath is looking at developing stand-alone housing projects, retail projects and integrated townships in the offshore markets.
“The international market provides good opportunities as the real estate market there is more transparent. We also feel we will get better technological expertise in these markets,” he added.
Parsvnath is also looking at bidding for airport modernization and management projects and is in talks with leading global airport operators to jointly bid for projects.
The company plans to tie up with a couple of airport operators. “We are in talks with some players. We are looking at retaining a majority stake in the joint venture,” Jain said.