Parsvnath targets Rs 2100 cr sales from new housing scheme

Aiming to attract customers and boost sales, realty firm Parsvnath Developers today launched a scheme on 3,000 flats where buyers will have to pay 25% on booking and rest on possession

Parsvnath expects sales revenue of Rs 2,100 crore from this scheme, which is applicable on 16 housing and 4 commercial projects for the next 45 days.

"We are launching a new scheme which will change the dynamics of real estate business. The buyer needs to pay 25% of the total cost on booking and rest 75% on offer of possession," Parsvnath Developers Chairman Pradeep Jain told reporters here while unveiling company's new logo.

The scheme would help the first time buyers as they do not have to bear double financial burden of paying house rent and interest rates on home loan, Jain noted.

These 20 projects are located in Delhi, Greater Noida, Ghaziabad, Sonepat, Dharuhera, Moradabad, Ujjain, Saharanpur, Bhiwadi, Panchkula and Rajpura.

"We will be offering about 3,000 flats in this scheme in a price range of Rs 1,750 to Rs 20,000 per sq ft. These flats are under various stages of construction," he said.

Asked about sales revenue from this scheme, Jain said the company expects Rs 2,100 crore sales from the unsold stock of three million sq ft offered in this scheme.

The total saleable area of 20 projects is 11 million sq ft, of which 8 million sq ft has been sold and three million sq ft is unsold inventory. "We have a receivable of Rs 1,400 crore from the customers from flats already sold."

The national capital-based firm has completed 47 realty projects and is currently developing 50 projects comprising 76 million sq ft of saleable area. The company has a land bank of over 190 million sq ft.

Jain said the company would launch new projects after completion of this scheme.

Parsvnath has raised over Rs 1,000 crore in the last few years from private equity players Sun Apollo, JP Morgan and Red Fort Capital.