Parsvnath plans IT parks, film city

Diversifying its portfolio, Parsvnath Developers Ltd intends to develop informational technology parks, a film city, a theme park, and even biotech parks shortly.

Speaking to Business Standard in Chandigarh today, Parsvnath Developers Managing Director Sanjeev Jain said in addition to integrated townships, residential complexes and commercial properties, the company was going to diversify to capitalise on the growing real estate development opportunities offered by sectors such as tourism and information technology .

"In Gurgaon, we are coming up with an IT park spread over 10 acres. Also, we have bid for the Chandigarh Film City and Theme Park and are looking at a biotech park also," he said.

Saying that the company was also looking at housing projects in Baddi and Jammu, Jain added, "The market is ripe in Ludhiana, Jaipur, Udaipur, Sonepat, Karnal, Solan."

On February 28, 2006, the company directly owned or held development rights for 63.84 million square feet of saleable area. The turnover of the company in 2005-06 was Rs 410 crore and is expected to touch Rs 700 crore this fiscal year.

With a large percentage of the population of the region located outside the metropolitan cities, Parsvnath Developers' current projects in Punjab and suburbs of Chandigarh are in Rajpura, Derabassi and Malerkotla, where it is focusing on integrated townships. In Panchkula, the company is coming up with a group housing project and in Amritsar and Mohali, it is developing shopping malls, multiplex and hotel.

"The total sale value for these projects is Rs 850 crore and regarding the source of funding, it will be mostly raised through internal accruals," said Jain.

In Panchkula, the company will be bringing the first group housing project spread over 7.3 acres, directed at the high income segment. "The 350 dwelling units are going to be super deluxe air conditioned apartments and will be for Rs 60 lakh," informed Jain. Work on the project will start in three months and be completed in 24 months, he added.

In Punjab, where the company is coming up with integrated townships comprising independent plot, houses, group housing and commercial areas, which have been approved by the Punjab Urban Planning and Development Authority, work has yet to start. In Malerkotla, 58 acres of industrial land has to be converted into residential plots and work on the project will take six months.

Jain said: "In Rajpura and Derabassi, development has started taking place. We have got the licence for the first phase and letter of intent for the second phase for the Rajpura township." The Rajpura integrated township will have 1500 dwelling units and spread over 125 acre land on the GT Road. The Derabassi project will be spread over 50 acre and will have 600 to 650 dwelling units.