Parsvnath to invest Rs7,000 crore in 57 projects in 5 years

Realty firm Parsvnath Developers today said that it would invest Rs7,000 crore over the next five years in the construction of 57 ongoing projects.

The company is planning to raise upto Rs300 crore through private equity by March-end.

Parsvnath chairman Pradeep Jain told reporters in New Delhi, "We are currently developing 57 projects, with over 80 million sq ft of area, across the country. Of this, we have put 40 million sq ft on fast track to deliver within the next two years."

He added that 80 per cent of the total area under construction was housing and the rest commercial.

Jain added that the land was fully-paid and the company had to only pay costs for construction. He added that the cost of construction for development of the 80 million sq ft would work out to around Rs7,000 crore and the projects would be completed by 2015.

The projects, would yield an expected Rs17,000 crore in revenue.