Parsvnath posts Rs 15 cr net loss in Oct-Dec quarter

Realty firm Parsvnath Developers Ltd today reported a net loss of Rs 15.06 crore during the third quarter of this fiscal on lower sales.
Its net loss stood at Rs 3.93 crore in the year-ago period, the company said in a regulatory filing.
Income from operations fell to Rs 55.15 crore during the October-December quarter of the 2016-17 fiscal from Rs 67.83 crore in the corresponding period of the previous year.
"Focusing on the strategy of execution of the projects, the company offered approximately 200 units in the quarter," the company's Chairman Pradeep Jain said.
The government's initiative of granting infrastructure status to the affordable housing segment in the Union Budget 2017-18 would be helpful in lowering the cost of funds for the developers.

"This will certainly boost developers to come up with more affordable housing projects and make Housing for All a reality," he added.
Jain said the infra status along with other policy reforms like real estate regulatory law and demonetesation would bring transparency in the system and reinstate the trust of the end users in credible real estate developers.