Parsvnath Developers to invest Rs 7,000 crore in the next five years

Parsvnath Developers to invest Rs 7,000 crore in the next five yearsParsvnath Developers, the realty major, said today that it will invest Rs 7,000 crore in the next five on as many as 57 projects.

The realty developer also plans to raise Rs 300 crore through private equity by March-end this year. The company is expecting revenue of Rs 17,000 crore from these 57 projects.

Chairman of the company, Pradeep Jain said, "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 feet on fast track to deliver within the next two years."

He also said that the company has already paid for its land assets and only the construction on these projects is to be paid for. About 80% of the projects being implemented are for housing and rest for commercial.

The chairman also said that the company does not intent to increase its debt and capital will come from internal accruals and money coming from sales. The company plans to pay off all its debts in the next 2 to 3 years.

The total debt of the company stood at Rs 1,585 crore as on December 31, 2009 which is expected to come down to Rs 100 crore this quarter.