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Nearly six years after it won the commercial rights to operate shops at Delhi Metro, real estate player Parsvnath Ltd has said the company expects to mop revenue to the tune of Rs 300 crore annually if the occupancy touches 90 per cent.
In an investor presentation, Parsvnath said that beyond the initial investments, it expects solid cash flow generation from the rentals it receives from retailers such as McDonald, KFC, Axis Bank and Carrefour.
The real estate major said its total spend till date stood at Rs 645 crore.
It would spend the balance Rs 200 crore over the next two to three years. Parsvnath was one of the early movers in building stations along the metro rail. It had won various leases ranging from 12-30 years to operate the commercial venture at seven stations in Delhi.
It will develop 2.20 million sq ft of prime commercial real estate on a lease model.
The company is developing 15 projects comprising one commercial office space, two metro stations and 12 malls outside the metro stations, all on DMRC land.
Already, it is operating a total of 0.38 million sq feet in seven stations. Six projects are yet to commence operations or are under various stages of construction.
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