 "Parsvnath Developers plans to raise Rs 1000 cr through sale of land parcels")
New Delhi: Realty firm Parsvnath Developers today said it plans to either sell the Rs 1,000-crore worth land parcels in South-West India or form joint ventures with local builders for development.
“We are planning to monetise our land parcels in southern and western part of the country in cities like Chennai, Hyderabad, Kochi, Goa, Mysore and Palghat. We will sell these plots if we get a good price or form joint ventures with local developers,” Parsvnath Developers Chairman Pradeep Jain said.
Asked about the value of these assets, Jain said it would be about Rs 1,000 crore.
Parsvnath has 85 acres land in Kochi, of which 50 per cent has already been notified as Special Economic Zone and process for the next half is in progress. It has 35 acres in Chennai and 75 acre in Mysore.
[caption id=“attachment_88855” align=“alignleft” width=“380”]  Representational image. Reuters[/caption]Jain said the company is in discussion with the potential buyers for some of the assets.
Parsvnath is targeting to reduce the debt to Rs 500 crore by March 2016 from existing Rs 1,300 crore.
The funds raised from divestment would be primarily used for debt reduction.
Parsvnath Developers reported a consolidated net loss of Rs 22.84 crore for the quarter ended March on lower sales against a net profit of Rs 14.84 crore in the year-ago period. Total income from operations dropped by 50 per cent to Rs 90.17 crore during the fourth quarter of last fiscal from Rs
181.87 crore in the corresponding period of previous year.
During 2013-14 fiscal, Parsvnath’s net profit dropped sharply to Rs 16.22 crore from Rs 71.24 crore in the year ago period. Total income from operations also fell to Rs 560.81 crore last fiscal from Rs 642.63 crore in 2012-13.
Parsvnath has completed 54 projects and it is currently working on 49 projects with a total area of 72 million sq ft.
PTI
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