Tag Archives: Parsvnath Developers

Metro Cash & Carry opens its second outlet in Delhi at Parsvnath Mall

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Parsvnath Metro Mall, Parsvnath Developers, Delhi Metro, Metro Cash & Carry, Metro Mall, Indian retail market, India real estate news, Real estate magazines in India, Indian property market, NRI market, Indian property market, Track2Realty, Track2Media Research Parsvnath Developers has announced that Metro Cash & Carry has opened its second outlet in Delhi at Parsvnath Mall in Seelampur. Parsvnath is working on 14 metro malls with DMRC on BOT basis and out of these 11 metro malls have already been completed. Given the proximity to the metro stations, Parsvnath Malls have been considered as the preferred options for big retailers and wholesalers.

Spread over an area of 65,000 sq. ft. in particular has been eyed by international wholesaler Metro Cash & Carry at Parsvnath Mall, Seelampur Metro Station.

Commenting on the development, Pradeep Jain, Chairman, Parsvnath Developers Limited said, “The Indian retail industry driven by income growth, urbanization and attitudinal shifts has emerged as one of the most dynamic and fast-paced industries today. The overall retail market, especially the modern trade is expected to grow at an accelerated pace and this has caught the fancy of international retailers who are expanding footprints in India at strategic locations.”

“We are confident that Metro Cash & Carry Store at Parsvnath Mall strategically located at Seelampur metro station would attract heavy footfalls and would emerge as the preferred wholesale retail outlet of Delhi.” Jain added

Parsvnath Developers launches Parsvnath Akanksha

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Parsvnath Developers, Jodhpur Property, Parsvnath Akanksha, Indian property market, Low cost housing, Indian real estate news, Real estate magazine, Real estate due diligence, Track2Realty, Track2Media ResearchParsvnath Developers has launches Parsvnath Aakanksha, a 2 & 3 BHK Floors in a fully functional, integrated township ‘Parsvnath City, Jodhpur’. Situated in the township Parsvnath City, spread over 120 acres, Parsvnath Akanksha offers low rise floors at an affordable price ranging from the down payment cost of Rs 16.19 lacs to the upper range of 3 bed room down payment cost of Rs 24.75 lacs.

Parsvnath Akanksha is an integral part of the township Parsvnath City, that is equipped with modern infrastructure, high-end recreational facilities and is a self-contained mini city where over 150 families are already residing. Besides this the residents of this project would also get access to Parsvnath City’s well- manicured lawns/parks, broad well lit metaled roads, 24×7 security in gated community along with other numerous facilities.

Commenting on the launch, Pradeep Jain, Chairman, Parsvnath Developers, “It has been our endeavor to fulfill a common man’s dream of owning a home in a secure and healthy environment backed by quality infrastructure. Our project Parsvnath Akanksha signals our commitment to build a better world for all and our continuous efforts to work towards achieving the goal of housing for all by 2022.”

“The project being part of the fully functional Parsvnath City, Jodhpur is strategically located on Pal sangariya bypass and will have seamless connectivity to surrounding areas, an easy access to modern club, temple, 5-Star Hotels, convenient shopping and shopping malls planned in the township.” Jain added.

The floors are being built in GF+2 configurations where Ground Floor would comprise of 3 bed rooms and the 1st and the 2nd Floors would have 2 bedroom units.  Aesthetically designed units in the project ensure no wastage of space and abundance flow of natural light in all units.

Will retail change the lifestyle choice of Bhiwadi

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By: Ravi Sinha

Parsvnath Developers, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, Mumbai Real Estate, India Property, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate newsTrack2Realty Exclusive: Romesh Singh, a resident of Bhiwadi is quite confused with the city that is fast evolving. After having spent around seven years in Bhiwadi, the city is no more the same that he can relate with. The shopping complexes, malls and the emerging lifestyle is something that he thought is meant for metro cities. But the retail revolution in this till only recently sleeping city has changed everything, adding to the lifestyle choices and hence confusion among people like Romesh.

While the experienced players in the retail format are flocking to Bhiwadi with a number of malls in the pipeline, the property analysts are wondering whether there is a method in the madness. Will the small town conservative spending of Bhiwadi actually transform into mall culture? Will the retail chains that have opened their stores in the city through franchisees make in-roads? Beyond this debate from the transition of a small town city to metro lifestyle, the financial analysts have another reason to worry—how long will the gestation period be for the malls to break even?

The retail chain has no doubt made entry into Bhiwadi and around 10 malls in the pipeline suggest the city would be witness to a retail revolution in the next few years. However, what is a worrying factor is the fact that the lifestyle pattern has not changed in the city. Though some analysts believe the more matured property market in Gurgaon also took time to catch up with the lifestyle choice and it was only after 5-7 malls and the same number of years that Gurgaon became a destination for retail chains.

Having said this, when malls started coming up in Gurgaon, this part of the world was not exposed to this kind of quality retail experience. That, however, should not be story for Bhiwadi where a large number of Gurgaon-Manesar workforce has already settled. Moreover, Bhiwadi is strategically well located to stand as the extended Delhi-NCR status. What then is the deterrent for Bhiwadi to catch up with the upmarket lifestyle choice?

Analysts believe that it will take time to transform the city from one mindset to another. Gurgaon also took 4-5 years after 15 malls came into being operational. 3-4 years down the line mall will become a habit. As of now Reliance footprint, Levis, Lee etc are not doing well.

After all, brands want to be everywhere, whether it makes a business sense or not time will tell. Now that franchisee model is the norm. Malls in Bhiwadi are just 6-8 months old with hardly any exposure beyond neighbourhood kiraana. Malls don’t have magnets that could bring the middle class out there, like McDonalds. Brands are new and lifestyle will take time to catch up.

It is a transition phase of lifestyle. Experts maintain it is also a learning curve for the city in understanding how to conduct themselves beyond their confined social surroundings, even though experience in mall is good.

Today, the mall in Bhiwadi has a moderate success in transforming the lifestyle of the people over there. According to him, people in Bhiwadi have now become brand conscious and found a liking to good food and branded clothes. The growing habitation will only increase this.

It is not that the brands are not flocking to Bhiwadi; rather the pace of growth has been rather slow in terms of raising the bar of aspiration. Brands have been realizing the potential of the city and mall developers expect that very soon they may see bigger brands enter the market as more space is made available – space which is strategically located and viable for both consumers and the brand itself.

Bhiwadi stepping out of the shadow of Gurgaon-Manesar

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By: Ravi Sinha

Parsvnath Developers, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, Mumbai Real Estate, India Property, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate newsTrack2Realty Exclusive: Bhiwadi in Alwar district may be seen as a gateway to Rajasthan by many, its emergence as a property hotspot has more to do with the thriving economic activity in the neighbouring state of Haryana. Of course, Rajasthan Industrial Development and Investment Corporation (RIICO) is also aggressively pushing to make the place a destination magnet.

What has actually goaded investors to Bhiwadi property is the skyrocketing property prices in Gurgaon-Manesar. That, however, is only the beginning of the story. Today Bhiwadi seems to be stepping out of the shadow of Gurgaon-Manesar to emerge as a destination realty on its own.

In terms of connectivity, Bhiwadi has an excellent connectivity with eight lane NH-8 through Dharuhera-Bhiwadi bypass road. This town is only about 55 kilometres from the Delhi International Airport, 90 kilometres from Alwar, 40 kilometres from Gurgaon and around 60 kilometres from Faridabad. This area will also be connected with the upcoming Kundli-Manesar-Palwal Expressway which is a future connectivity promised in 2021 Gurgaon-Manesar Master Plan.

Developers who were the first movers in the Bhiwadi market have already been benefitted. For instance, Ashiana Homes has been witness to this rise in demand, with the projects like Ashiana Aangan, which were launched at the price range of Rs 2,200 per sq ft, are now selling in the range of Rs 3,400 per sq ft.

Today, many of the key players in the real estate have come up with their residential projects in the area, like Avalon, Nemai, Terracity, M2K, Cosmos, Essentia, Omaxe, BDI, Genesis, Innovative colonizer, Jagrit Infra, Kajaria Infra, Kingfisher, Konark, MVL, Parasvnath, R-Tech, Star Realcon and Krish Group have also come up with their projects in this area.

Vishal Gupta, MD, Ashiana Housing says this upcoming destination has turned away from the sleepy hamlet and is one of the largest industrial hub and guarantees a future growth with opportunities for residential, commercial and hospitality. Advantageous strategic location and presence of global top notch companies have also opened the atrium to fulfill upcoming humongous demand of affordable housing, retail and hospitality, proving to be a perfect investment destination for those who have a dream to own their own home without burning their pockets by the skyrocketing prices of Delhi.

“Apart from thriving corporate MNCs, recession proof education and hospitality sectors, residential sector in Bhiwadi contributes significantly to the growth of city’s realty. As anticipated over 16 million homes are needed in coming 10 years to meet the requirements of burgeoning middle class families. According to the present and future scenario, the affordable housing segment and the middle income group hold the largest share of the demand pie and hence the flurry of development activities in this new location would meet the needs,” says Gupta.

Many believe within 2-3 years, the area will be able to fully realize its potential and will gain foothold in the market. The immense development of MNC’s and commercial real estate markets in Bhiwadi has driven the growth of residential property in the city. Enhancing its appeal as a serious real estate market, Bhiwadi’s real estate has seen a steep escalation in property values.

Ignored by investors and developers earlier, the region has now witnessed a surge in real estate activities both commercial and residential. The biggest gripping advantage is that the property is available at affordable rates and there is ample land that can be developed.

Not just comfortable affordable housing facilities, the city also offers superior educational facilities with the presence of reputed institutions like Modern Public School, St. Xavier School, Starex International, DPS, UCSKM, Presidency the International School which cater to the educational needs of the region.

Shopping complexes like Village Center, Aangan Plaza, BB Mall, Genesis, Hotels including Treehouse, Optus group, Fortune hotels along with branches of premier Banks like HDFC, ICICI, SBI, SBBJ, PNB, OBC, BOB, Yes Bank, etc., makes Bhiwadi an ideal residential hub. A lucrative option to invest and yield profits in return.

Omaxe has also been an early mover in Bhiwadi with two townships – Omaxe Panorama City and Omaxe Meadow Green City consisting of plots, villas, group housing, independent floors, commercial space etc. Company claims these properties have earned a premium of as high as 200% in the last six years.

Surender Goyal, AVP, Omaxe believes location has always played a key role in the development of Bhiwadi. Its proximity to Delhi and Gurgaon, affordability of residential units, presence of industries, fast-paced infrastructure development and a lot of working population has helped the city emerge as a destination of choice. The authority has been proactive in ensuring that the town has all the necessities like schools, hospitals etc.

“In order to make Bhiwadi further attractive for investment, including attracting large amount of FDI, the government has proposed several measures in and around the region – among the seven NIMZ along the Delhi-Mumbai Industrial Corridor (DMIC), one is at Khushkhera-Bhiwadi-Neemrana belt, which is already approved, two new airports — in Neemrana and Jodhpur, the operational Dharuhera-Bhiwadi bypass road, bullet train from Delhi to Neemrana etc are some of the proposals that are bound to take Bhiwadi on the World Map. Fast-pacing the above is the need of the hour,” says Goyal.

In the coming times, as most of these proposals take shape, the price and demand for real estate projects in the region is bound to go up. Bhiwadi has been successful in pulling out buyers from NCR, Gurgaon-Manesar. Realty analysts assess that it is just a matter of time that Bhiwadi will come into full circle and become a much preferred destination with ample job opportunities.

Sahara, ICICI, Bhushan Steel in fray to buy Parsvnath’s land

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Parsvnath Developers, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, Mumbai Real Estate, India Property, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate newsSahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, Red Fort Capital and Shri Lal Mahal are understood to be in the race among others to acquire Parsvnath Developers’ 1.18 acre of prime commercial land near Connaught Place in the National Capital.

In January, Parsvnath had announced plans to monetise the KG Marg land, which it had bought for Rs 200 crore in 2008.

Parsvnath, which is eyeing about Rs 700 crore from sale of this land, got the building plan approved from local authority last week and potential buyer can start construction on the land immediately after the deal, PTI reported quoting sources.

“The first round of bidding and due diligence have been already completed. The process will be expedited now as the company was waiting for the building plans approvals before it starts negotiation with potential buyer,” a source, who is involved in the process, said.

Sahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, private equity firm Red Fort Capital, rice company Shri Lal Mahal and one leading realty firm from NCR have shown interest in buying this land, sources said, adding that Parsvnath had got bids up to about Rs 700 crore in the first round of bidding.

When contacted, Parsvnath Developers Chairman Pradeep Jain said, “The process for sale of this land is on. We can not comment any further.” Property consultant Jones Lang LaSalle India is helping Parsvnath in this deal.

The built-up area allowed on this prime land is about 1.5 lakh sq ft with 300 car parking. Realty consultant said that prime office buildings near CP are currently commanding a monthly rental of 350-400 per sq ft.

Although Jain did not give any timeline for completion of this transaction, sources said that the deal could be closed in this quarter.

Parsvnath has a net debt of about Rs 1,200 crore and plans to reduce it to about Rs 500 crore by utilising the proceeds from sale of this prime property.

The company has two housing projects and several shopping malls at metro stations in the National Capital. It is setting up an office building near Gole Market here with an investment of Rs 300 crore.

That apart, Parsvnath had bought in 2010 a 38 acre of land near Sarai Rohilla from the Railways for Rs 1,651 crore, making it the second biggest land deal in Delhi.

The company, in partnership with Red Fort Capital, plans to provide luxury housing and commercial space in this project.

Parsvnath, which has a land bank of about 200 million sq ft across the country, had received private equity funding from Sun Apollo and JP Morgan in some other projects in NCR.

Kotak Realty to invest Rs 120 crore in Parsvnath Developers

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- india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Delhi NCR real estate, Mumbai Real Estate, Bangalore Real Estate, Pune Real Estate news,Track2Media, Track2Realty, ravi sinha Parsvnath Developers is raising Rs 120 crore from Kotak Realty Fund for a new 100-acre integrated township project on Sohna Road in Gurgaon. Kotak Realty fund will get a 20% stake in the special purpose vehicle that will develop the yet unnamed project, according to the sources close to the development.

The project will be largely residential with some commercial and retail developments, and will be launched in the next two months. “The land for the project has been aggregated by Parsvnath over many years and at approvals are being taken to launch the project,” source maintained.

Parsvnath could not be reached for the comment. A Kotak Realty Fund spokesperson declined to comment on the deal.

Parsvnath Developers has sold stakes in many of its residential and office projects to private equity funds in the past. Last year, JP Morgan had invested $30 million in Parsvnath’s residential project La Tropicana in Civil Lines area of north Delhi, which was used to give an exit to Red fort Capital that had invested 115 crore in the project in 2009.

Red Fort Capital had earlier picked up 24.5% for Rs 120 crore in an office project Parsvnath is developing on land it had got from the Delhi Metro Rail Corporation in New Delhi. In January 2011, Sun-Apollo India Real Estate Fund invested 100 crore for a 49.9% stake in a residential project Parsvnath Exotica in Ghaziabad near Delhi.

Parsvnath is currently trying to reduce its debt, which stands at around Rs 1,300 crore. It recently put a 1.2-acre plot in the heart of Delhi, on Kasturba Gandhi Marg, on the block and is expecting to raise around 700 crore through the sale.

It is also in the process of selling some land parcels it owns in Kochi and Chennai. The company has been selling its non-core assets to reduce debt, which has come down by 50% over the last two years.