Parsvnath Developers hopes to get a realisation of Rs1,000 crore from the ‘The Parsvnath 27’ a commercial project in K G Marg in the heart of New Delhi.
The company has started the construction of the project and plans to finish it in the next 18 months.
The 1.2 acre project will offer the spaces for shops and offices with 1.3 lakh square feet of leasable space for Rs400-450 per sq ft, Parsvnath bought this land in 2008 for Rs212 crore and would spend around Rs70 crore on construction.
“The complex will offer next generation solutions in retail and office markets. We aim to complete the construction in next 18 months. Out of 1.3 lakh sq ft of total leasable area, 40,000 sq ft will be for retail and rest for office use,” said Pradip Jain, chairman, Parsvnath Developers.
In the current fiscal, the company is looking at 25-30% growth in the topline as well as bottomline, on the back of another new project in Gurgaon.
The KG Marg project will facilitate 200 automatic mechanised car parking slots with valet and concierge facilities.
The company has significant presence in the national capital. It has two housing projects and several shopping malls at metro stations across the city. That apart, it has recently completed an office building on Bhai Veer Singh Marg near Gole Market here with an investment of Rs225 crore.