Parsvnath places Rs. 800cr plot on the block

Renowned real estate player Parsvnath Developers has reportedly decided to sell its 1.2 acre prime land plot in the heart of central district of the capital in Connaught Place to generate worth Rs. 800cr for paring the company's debt. The builder had acquired the plot, which is located exactly the opposite side of the American Center on the Kasturba Gandhi Marg and was purchased from Mahajan Industries and the Dhoot family of the Videocon group for Rs. 200cr in 2008. The property has an old bungalow and has been zoned as commercial property on which the buyer can build a nine storey high rise on the 150,000 sq ft of space.

According to the Chief Executive Officer, Jones Lang LaSalle India, Santosh Kumar, his company has been mandated to market the precious property. The precious property once redeveloped would be the first new building in the central business district with all the approvals in place the buyer will be able to launch construction immediately. The company is currently busy in executing the on going and existing real estate projects. But in the next two quarters it plans to launch scores of new township projects for which they have applied for approvals. It has a current debt worth Rs. 1,200cr as on September 2011 and is currently selling its non core assets to reduce debt burden, which has already came down to by 50 percent in the past two years and is keen to further de-leverage its balance sheet, said an insider.