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Aim to develop projects available on hand - Parsvnath Developers Ltd (PDL)

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Parsvnath developers who are facing a cash crunch is of the view that it does not want to take the projects on SEZs and would concentrate on the projects at its disposal. As per a source from www.propertykhazana.com the developer based at Delhi with the help of its sister concern, Parsvnath SEZ Ltd. (PSL) will carry out the execution of SEZs and may develop 17 special SEZ in 10 states over an area of 17,80 hectares (4,400 acres) during the coming 5-7 years of which 4 of them have been identified.
The group aims to mobilize Rs. 500 -600 crores by the year end by disposing its equity stake hoping for income of over Rs. 5000 crores. As per a source from www.propertykhazana.com , the group had mobilized Rs. 115 crores from Red Fort Capital by disposing of 22% hold in the first class housing project Parsvnath La Tropicana in North region of Delhi covering an area of 17 acres.
The Chairman of the group stated that the group is aiming to bring down its liabilities by over Rs. 900 crores next year in March from existing Rs.1,420 crore. He made this statement while talking on private/partnership in the housing segment conducted by National Real Estate Development Council (Naredco) adding further that building of 42 Sq.ft would be undertaken on a fast pace and hoping to gain Rs. 5,300 crores form the disposal of the same. He also stated that the group is in the process of finalizing two PE proposals wherein 97% would be set aside for housing. The group has already sold 35 million sq.ft and the rest would be sold in about 6-9 months time. For further details refer to www.propertykhazana.com.
Source: NBTVLIVE

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