 |
| Build-up mode |
New Delhi, Aug. 13: Parsvnath Developers Ltd (PDL), the Delhi-based real estate player, is planning to build a shopping mall-cum-hotel in Goa.
The company has been awarded prime land in Panjim, Goa by the state government-owned Economic Development Corporate Ltd.
“We won the bid only a couple of days back. Buying land is part of our expansion process. The decision is to build a shopping mall-cum-hotel, but we have not decided on the timeframe yet. However, it will be a unique concept and experience for the people,” PDL chief executive officer B.P. Dhaka, told The Telegraph.
Parsvnath bid Rs 45,100 per sq m for the entire 12,290-sq-m piece of land. The total amount to be paid is estimated to be over Rs 55 crore. To begin with, the company will build approximately 400,000 sq ft on this plot.
Parsvnath is currently developing integrated townships in multiple towns, residential projects across the country, commercial complexes, including shopping malls and multiplexes, and a hotel.
Meanwhile, the real estate firm has shelved its plans of coming out with a public offer.
“The markets have been fluctuating all this while. Let some stability come ...we will soon come up with the IPO. The plans are very much on,” he said.
Earlier, Parsvnath intended to come out with its maiden flotation on May 29.
At that time, the issue was expected to be priced in the range of Rs 480 for shares having a face value of Rs 10 each. It is learnt that the company will offer 33 million shares to raise approximately Rs 1,500-1,600 crore. Investor appetite for IPOs had soured after a stock market slide in May sliced the value of new listings. Another top property firm DLF Universal also postponed its plans to go public.
Sources say that these IPOs could now hit the market by September or October. The company plans to build special economic zone and hotel to tap the new trend in India’s booming property market.
DLF, which was supposed to tap the capital markets in June, hopes to raise between $3 billion and $3.5 billion.
