Parsvnath Developers said it planned to repay debt worth Rs400 crore this fiscal, through internal accruals. Parsvnath chairman Pradeep Jain said the company would repay a debt of Rs400 crore out of the total Rs1,600 crore this financial year.

He said the company had also restructured Rs800 crore of its debt.

He added that the company would get a moratorium on banks from between three months and a year. He said banks are giving moratorium on a project-to-project basis.

He said the company would have to raise funds for repayment of debts and expected to make the repayment from their internal accruals. The company did not need to raise funds for this he said.

Jain said that Parsvanath would focus on completing on-going projects and added that margins would continue to remain under pressure.

On the price front Jain ruled out any further downward price movements as the prices had bottomed out and there would be no further correction.

He said that the demand had picked up in the last five to six months and would increase further. He added the prevailing sentiment was hurting both customers as well as developers.

He said the company had a land-bank of around 200 million square feet with it at present. He added that of its 17 Special Economic Zones (SEZs) it had already acquired land for six while the land-acquisition process was on for the remaining 11 projects.

He added that ninety percent of the company's business was in the housing segment and 10 per cent in the non-housing.

He said the company had put a hold on acquisition of new properties.

In a move to beat the downturn the company was suspending work at 11 special economic zones (SEZs) where land had not been acquired and acquisition of additional property was not needed he said.

He said the company would focus on residential projects and sell up to 70 per cent of its mall spaces.

Jain said that the housing segment was set for revival with affordable pricing and cheaper loans and with interest rates having declined from their peak in October, new projects were priced cheaper by up to a quarter.

He said that his firm was open to disposing off stakes in projects but not in active pursuit of such deals.

He said that the company was open to divesting especially in hotels and SEZs.