Parsvnath to invest $4 billion (about Rs 16,000 crore) for its land bank.
Realty firm Parsvnath Developers Ltd. will invest over $4 billion (about Rs 16,000 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.
Mr. Pradeep Jain of Parsvnath said that the project cost of existing land bank is over five billion dollar 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, with the average construction cost coming near to an estimate of Rs 1,115 per sq ft.
It would also develop 114 multiplex screens in its commercial projects and select metro malls.
Under the existing land bank, about 26 million sq ft would be utilised for four IT/ITeS SEZs, for which the company has got formal approvals. A new subsidiary has been formed for developing SEZs. The company plans to develop a total of 16 such zones.
Going forward, Jain said the company would add an aggregate saleable area of about 170 million sq ft by December for seven other SEZs for which in-principle approval has been received
Source: The Economic Times
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