Parsvnath Developers’ profit surges


New Delhi : Parsvnath Developers Ltd., one of India's leading real estate players, registered consolidated profits of up to Rs.2.92 billion and revenues of Rs.15.34 billion for the financial year 2006-07, the company said Monday.

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The company's net profit grew by 156 percent to Rs.2.71 billion from Rs.1.06 billion last year.

Parsvnath completed 28 projects during the period, increasing its customers to 17,500 from 12,800 across 46 cities.

The number of ongoing projects has increased to 110 across verticals against 62 at the beginning of the fiscal. The company now has 900 employees as against 550 at the beginning of the year.

"The company now has 151 million sq ft of developable area including four SEZs (special economic zones) with developable area of 26 million sq ft. We have already commenced work on 66 million sq ft and expect that construction work on remaining would start in the current fiscal," Pradeep Jain, chairman of Parsvnath Developers Ltd, said.

"The total development cost including land cost, construction and development costs for the total area is Rs.21,203 crore (Rs.212.03 billion)."

The company also said it has approvals for 12 SEZs to be built in the next five years.

On its future plans, the company said it would develop shopping malls in 200 cities and increase its presence in 20 states and 250 cities. It also exploring the possibility of developing large highway malls, spread across 25 to 100 acres and consisting of hotels, health spas, entertainment zones, water parks and large hyper markets.