|
New Delhi: Real estate firm Parsvnath Developers said it expects a revenue of over Rs 5,000 crore in the next two and half years and is looking to raise about Rs 500 crore this fiscal by selling equity at project level.
The company plans to cut down its debt to Rs 800-900 crore by March next year from the exiting Rs 1,420 crore.
"We have put construction of 42 million sq ft on fast track. In the next 24-30 months, we are expecting to realise Rs 5,300 crore from the sale of these areas," Parsvnath Chairman Pradeep Jain said on the sidelines of a NAREDCO function on affordable housing.
Jain said out of this 42 million sq ft area, 97 per cent is housing. The company has sold 35 million sq ft and expects to sell the remaining area 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," he explained.
Asked about company's fund raising plans, Jain said it was not looking to raise more funds through private placements of shares but is in talks with private equity firms for sale of equity at project level.
"By the end of this fiscal, the company will be able to raise Rs 500-600 crore by selling stakes at project level. We have already raised Rs 115 crore from a housing project in Delhi," he said, adding that the company is about to finalise two private equity deals.
More from Real Estate
Discuss this story on expressindia forums
|
|
 |
 |
 |
About Us | Contact Us | Advertisers | Site Map | Make us your homepage | Work for Us | RSS | Subscribe | Electronic Edition | Privacy Policy© 2009: The Indian Express Limited. All rights reserved throughout the world
