Financial Daily from THE HINDU group of publications
Monday, Feb 13, 2006
Financial Daily from THE HINDU group of publications Monday, Feb 13, 2006 |
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Corporate
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Outlook Markets - IPOs Parsvnath Developers likely to float IPO Our Bureau
Bangalore , Feb. 12 THE Delhi-based Parsvnath Developers plans to set up townships, resorts and IT parks across South India and may float an IPO to fund its expansion plans. The Chairman, Parsvnath Developers, Mr Pradeep Jain, told Business Line that the company has bought nearly 70 acres in Yelhanka near Bangalore, over 150 acres near Kochi and 75 acres in Mysore to build townships, IT parks, shopping malls and resorts there. The company is also planning an IPO sometime later this year, Mr Jain said. In Mysore, it is investing over Rs 110 crore to set up an integrated township, which will also have an IT park. In Kerala, the company has bought 150 acres where it will build residential bungalows and a 9-hole golf course. It has bought 30 acres near Kochi, which will be developed into a resort, and the residents will have access to a private beach there. A mini-city will come up near Bangalore on a 33-acre land. At Whitefiled near Bangalore, Parsvnath has bought 22 acres, which will have a housing complex for high net worth families. For all the projects in Karnataka, the company has earmarked around Rs 500 crore, Mr Jain said. He said the company has a land bank of around 2,500 acres and has so far completed 22 projects across the country. "Over 80 other projects are in various stages of completion," he added. Mr Jain said the country was yet to see a boom in the real estate sector as only 16 per cent of the housing needs had been met. "Another 26 per cent of the housing needs is yet to be met," he added. The Chief Operating Officer for South India, Mr S.P. Oberoi, said the company is keen on setting up projects in Tier-II cities because of the good demand there.
More Stories on : Outlook | IPOs | Real Estate & Construction | Karnataka
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