Parsvnath wins project at Pimpri Chinchwad

The project will mainly focus on residential units

Parsvnath Developers, the Delhi headquartered real estate developer and construction company, has won a project to build a 5 lakh sq ft complex in the Pimpri Chinchwad New Township Development Authority (PCNTDA) area, 30 km from Pune.

Pradip Jain, managing director, Parsvnath Developers, said the the proposed project will come up on a 12 acre plot allotted to the company by PCNTDA.

"The project will be focussed more on residential units and any commercial space that is built will be as a support to the residential units, such as laundry, grocery shops or drug stores," Jain said.

The residential project will be "high end" as there is a significant demand for such projects there, Jain added.

Parsvnath is also looking at another project in and around Pune, in the Hinjewdi area, Jain said, adding that Pune fits in the company's plans to enter the B and C class cities and later even to smaller towns.

"We may look at the opportunities offered by the retail segment to build malls, he stated.

"The company will look at opportunities to buy land in cities such as Bangalore, Mysore, Hyderabad or Kochi."

Jain said the company is also considering for purchasing mill lands in Mumbai.

"The land under non-NTC mills are much bigger in size and we will be interested in buying both NTC and non-NTC mill lands," he said. Additionally, the company will construct a 6 lakh sq ft residential complex in Jogeshwari in North-West Mumbai and look for land in the Thane area, he added.

Parsvnath Developers has 82 active projects under construction. Out of the Rs 6,800 crore needed to build these projects the company has invested Rs 4,000 crore so far. Jain informed that the company has a land bank of 2,500 acres with development rights for 63 million square metres, Jain said.