Parsvnath to increase land bank to 350 million sq ft
Realty firm Parsvnath Developers on Saturday said that it will increase its land bank by almost 141 million square feet to 350 million sq ft for special economic zones development by the end of current fiscal.
By PTI |
CHANDIGARH: Realty firm Parsvnath Developers on Saturday said that it will increase its land bank by almost 141 million square feet to 350 million sq ft for special economic zones development by the end of current fiscal.
Besides, the company has also decided to spend Rs 20,000 crore on developing its present area of 209.75 million square feet within next three to five years.
"Definitely, we are looking to raise our land bank from 209.75 million sq ft to 350 million sq ft primarily for the purpose of developing SEZs," Parsvnath Developers Chairman Pradeep Jain told reporters here.
The company has 17 SEZ projects in hand dedicated to sectors like IT, ITeS, bio-technology, gems and jewellery, handicrafts etc. "Seven SEZs can be developed out of our present land bank and rest of 10 SEZs could only developed with the acquisition of new land," he said.
The company would invest Rs 20,000 crore in next 3-5 years on developing the current land bank for SEZs, IT parks, residential and commercial projects, hotels, integrated townships across the country, he said.
When asked about the status of its retail foray, Jain said that the talks with partners are in advanced stage for venturing into retail hypermarket.
About its ongoing integrated township project 'Pride Asia', being developed in collaboration with Chandigarh Housing Board here, he said that the company had booked orders worth Rs 250 crore in the first phase, which includes villas and apartments etc.
Having a realisation value of Rs 4,000 crore, the Pride Asia project would have 1,314 units comprising one to five room bedroom apartments ranging between Rs 52 lakh to Rs 3.8 crore.
Besides, the company has also decided to spend Rs 20,000 crore on developing its present area of 209.75 million square feet within next three to five years.
"Definitely, we are looking to raise our land bank from 209.75 million sq ft to 350 million sq ft primarily for the purpose of developing SEZs," Parsvnath Developers Chairman Pradeep Jain told reporters here.
The company has 17 SEZ projects in hand dedicated to sectors like IT, ITeS, bio-technology, gems and jewellery, handicrafts etc. "Seven SEZs can be developed out of our present land bank and rest of 10 SEZs could only developed with the acquisition of new land," he said.
The company would invest Rs 20,000 crore in next 3-5 years on developing the current land bank for SEZs, IT parks, residential and commercial projects, hotels, integrated townships across the country, he said.
When asked about the status of its retail foray, Jain said that the talks with partners are in advanced stage for venturing into retail hypermarket.
About its ongoing integrated township project 'Pride Asia', being developed in collaboration with Chandigarh Housing Board here, he said that the company had booked orders worth Rs 250 crore in the first phase, which includes villas and apartments etc.
Having a realisation value of Rs 4,000 crore, the Pride Asia project would have 1,314 units comprising one to five room bedroom apartments ranging between Rs 52 lakh to Rs 3.8 crore.
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