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| Parsvnath to invest Rs 1,500 cr to complete projects |
| Press Trust of India / New Delhi Oct 15, 2009, 17:12 IST |
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Realty major Parsvnath Developers will invest about Rs 1,500 crore to complete over 30 ongoing projects in the next two and half years.
"Out of 193 million sq ft of our land bank, we have put construction of 42 million sq ft, comprising over 30 projects, on fast track. These projects will be delivered in the next 24-30 months," Parsvnath Chairman Pradeep Jain said.
Parsvnath would invest about Rs 1,500 crore in next two and half years for construction in this 42 million sq ft area. By March-end, it would pump in Rs 300-400 crore, he said.
The company, Jain said, has already sold 35 million sq ft of area and expects to sell the remaining in 6-9 months.
"From this 42 million sq ft of saleable area, we expect a total sales realisation of Rs 8,150 crore. The company has received Rs 2,850 crore from the buyers and the rest Rs 5,300 crore is receivable over the next 24-30 months," Jain said.
Talking about the company's debt, he said, it stands at Rs 1,590 crore as of September 30, which the firm plans to reduce to Rs 800-900 crore by this fiscal-end. For this, it would use internal accruals, funds raised through private placement of shares and sale of equity at project level.
Parsvnath posted nearly three-fold jump in its net profit at Rs 61.42 crore for the quarter ended September 30 as against Rs 21.90 crore in the year-ago period.
It's total revenue, however, declined to Rs 200.77 crore from Rs 226.36 crore in the review period.
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