Parsvnath and ITC join hands

Parsvnath Developers Ltd has announced that Parsvnath Hotels Ltd (PHL), a subsidiary of Parsvnath Developers Ltd, has signed a MoU with Fortune Park Hotels Ltd (FPHL), a wholly owned subsidiary of ITC Ltd, to manage 50 Hotels across the country in next three to five years.

PHL plans to make an Investment of approximately Rs 2500 crore in these hotel projects. The strategic tie up would have 20 five-stars, 20 four-stars and 10 three-stars & budget hotels.

Under the agreement PHL would own and develop the hotels and FPHL would manage these hotels. The hotels would run under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith. More than 4000 rooms would be constructed under these brands for different categories. Fortune Select hotels would have at least 100 rooms, Fortune Park would have 75 or more rooms & other brands would have at least 50 rooms & more.

Parsvnath is currently coming up with 17 hotel projects of which FPHL would manage seven projects in Ranchi, Lucknow, Indore, Jodhpur, Ujiain, Chandigarh Film City and Dehradun in the first phase. All of these hotels would be operational by 2010. The first among these is expected to be operational by first Quarter of 2009. Parsvnath is also developing hotels at Shirdi, Mohali, Hyderabad, Ahmedabad, Goa, Gurgaon, Cochin among others, which will be managed in management contract with other hotel chain.

The Company is planning to develop 75-100 hotels in tier-II, tier-III and all the major cities across country. For these, Parsvnath Developers is eyeing strategic locations like Delhi, Mumbai, Kolkata, Chennai, Pune, Udaipur, Jaipur, Navi Mumbai, Agra, Bangalore, Bhopal, Raipur, Jalandhar, Ludhiana, Vadodhra, Manesar, Surat, Aurangabad, Gandhinagar, Nagpur, Jaisalmer and Noida to develop hotels in near future.

ITC Welcomgroup manages more than 80 hotels under different brands in India and is termed as the biggest Hotel Ownership & Management Company. The Company has brands like ITC Luxury Collection, Shereton, Welcomhotel, Fortune Hotels and Welcom Heritage under its umbrella.

Parsvnath awarded occupancy nod for Phase I of Greenville project in Gurgaon

Parsvnath Developers Ltd has announced that in a commendable development, the Company has obtained the completion and occupancy certificate from Director, Town and Country Planning, Haryana for 228 units of Parsvnath Greenville, the residential project located on Main Gurgaon Sohna Road. The units for which the completion certificate has been received are categorized as 2BR and 3BR apartments in low-rise building.

The project is located just three kms away from Rajiv Chowk in Gurgaon. Completed within a preset time frame, the total project is spread over 12 acres.

Parsvnath Green Ville comprises of 2BR, 3BR and 4BR apartments, penthouses and villas designed in accordance with Swiss architecture. With the offering of Italian Marble in Drawing Dinning areas and Laminated wooden flooring in master bedroom with stylish wooden cupboards in all the rooms is amongst the highlights of the project. Modular kitchens provide the much desired comfort and ease to the queen of the house.

Once the total project gets completed it will be fully equipped with facilities like 100% power back up, provision for piped gas supply, intercom security system, broadband connectivity and reserved car parking.

Parsvnath Developers awarded 90 crore contract to build SAI ASHRAM at SHIRDI

Parsvnath Developers Ltd has announced that the Company has been awarded the construction contract of Sai Ashram at Shirdi in Maharashtra. The work has been awarded by Shirdi Sai Trust, Chennai, and the managing, trustee being Mr. K V Ramani.

With an approximate contract value of Rs 90 crore, the Company will construct Dormitories Blocks, Residential Blocks and an Open Air Theatre Restaurant Blocks, Security Rooms in the Ashram which is spread over a built up area of approximately 10 Lac sq. ft.

"We feel privileged to be part of this great social work. Service to the pilgrims is paramount for us. The ashram will provide comfortable stay to Sai Baba devotees visiting the pilgrimage. Once complete, Shirdi Sai trust will hand over the ashram to Shirdi Sai Sansthan for ownership, management and further maintenance." Mr. Pradeep Jain, Chairman, of the Company commented on the occasion.

The project will be initiated within the month of January 2008 and the work will be completed within 21 months from the date of commencement of construction.

The Company is already developing a 3-star hotel at Shirdi spread over a total area of 50,000 sq. feet, which will have 58 rooms on offer.

Parsvnath Developers to set up Pharma SEZ in Nanded, Maharashtra

Parsvnath Developers Ltd has announced that in pursuance to development of SEZs, Parsvnath SEZ Ltd (PSL), a subsidiary of the Company, will develop a Pharmaceutical Special Economic Zone (SEZ) at Nanded in Maharashtra. The Company has received LoI from Maharashtra Industrial Development Corporation (MIDC), a Maharashtra Govt. Undertaking for development of Pharma SEZ project in krushnoor Industrial Area of Nanded which is in close proximity to the SH-6 connecting Nanded and Secunderabad.

Spread over a total area of 370 acres, the Parsvnath SEZ Ltd will float a special purpose Company jointly with MIDC to implement the project. PSL will hold 74% stake in the joint Venture with MIDC holding balance 26%. The Nanded Pharma SEZ has already been approved and notified by the Govt. of India. MIDC has also Identified an anchor unit for 20 hectares.

Speaking on the achievement, Mr. Pradeep Jain, Chairman, of the Company said, "This would be our second SEZ project in the state of Maharashtra. We are overwhelmed to receive extended support from Maharashtra Industrial Development Corporation (MIDC). The land to develop this project has already been acquired. The SEZ will offer employment opportunities to many in the region and a globally competitive environment to the pharmaceutical exporters."

Adding more, Mr. Pradeep Jain, said, "This SEZ is proposed to be developed as a service oriented self contained estate. All the necessary infrastructure facilities for SEZ are proposed to be designed and operated to create an Ideal ambiance and best environment. This SEZ will be provide world class infrastructure to revive the interest amongst many players from the pharmaceutical sector and will serve as a big boon for the Indian Pharmaceutical industry"

The Company has 17 SEZ projects in hand, in various segments like, IT& ITes, Bio Technology, Gems and Jewellery, Handicrafts, Leather, Food Processing and Automotive Sector apart from Multi-Product SEZ's, which are in different stages for development. With the notification received for this SEZ, PSL in its portfolio has four notified SEZs in Indore, Gurgaon, Dehradun and Nanded.

Parsvnath Developers receives LoI for IT Park in Gurgaon

Parsvnath Developers Ltd has announced that the Company has received LoI from Director Town and country planning, Haryana to develop an IT Park project on Main Gurgaon Sohna Road just 3 kms away from Rajiv Chowk in Gurgaon. The approximate realization from the project is expected to be Rs 650 crore within 2 financial years.

IT Park is spread over an area of 6.8 acres and is located in Sec - 48 in Gurgaon. The project sprawls over a total build-up area of 8.5 Lac sq ft. and will showcase state of the art IT Park giving boost to IT and ITeS services in the area.

The project is expected to begin within three months and will be completed within next 24 months. The Company already has one IT Park situated at Chennai.

Parsvnath Developers completes Phase II of Mega Group Housing project in Noida

Parsvnath Developers Ltd has informed that the Company has obtained the completion and occupancy certificate from NOIDA Authority for its Group Housing project at Noida, Parsvnath Prestige for the second phase, after successfully receiving the completion and occupancy certificate for 1st Phase.

Parsvnath Prestige II with approximately 9 lac sq. ft. of saleable area offers G+9 high rise buildings presenting 3 BR apartments that spell class.

The project is fully equipped with facilities like 100% power back up, provision for piped gas supply, centralized communication system, broadband connectivity, R.O. units for drinking water, provision for water harvesting and reserved car parking.

The Company has now formally received the nod for the project "Parsvnath Prestige", sprawling over 70,000 sq. metres with an offering of 864 units. The total build-up area of the project is 16-lac sq ft. The Phase I of the complex is already housing large number of families.

Located at the most premium location of Noida right on the Greater Noida Express Way & just a few minutes away from both Delhi & all the prime destinations of Noida. Opposite 30 acres of international level shopping paradise being developed by NOIDA and just before proposed speciality cities like the I.T. City, Biotech City, Medical City, Parsvnath Prestige has all the amenities to enhance the level of living. The project boost of extra ordinary recreational facilities like a club with swimming pool, Gymnasium, steam & sauna bath, Jacuzzi, massage room, tennis, squash courts, jogging track among other facilities.

The Company has already completed and handed over many residential and commercial projects in Noida, few of them being "Parsvnath Gardenia", "Parsvnath Residency", "Parsvnath Plaza" within the stipulated time frame.

Parsvnath SEZ Ltd inks LoI with government of Rajasthan

Parsvnath Developers Ltd has announced the Press Release in connection with the signing of Memorandum of Understanding (MoU() by the Company’s subsidiary viz. Parsvnath SEZ Ltd (PSL), with Government of Rajasthan to develop 112 acres SEZ in Jaipur. The SEZ envisage an investment of Rs 1400 crores and will focus on giving a further boost to Gems and Jewellery industry.

Press Release :

"Parsvnath SEZ Ltd (PSL), a subsidiary of Parsvnath Developers Ltd has signed an MoU with Government of Rajasthan to develop 112 acres SEZ in Jaipur. The SEZ envisage an investment of Rs 1400 crores and will focus on giving a further boost to Gems and Jewellery industry.

The MoU entails that the State will provide necessary support for infrastructure facilities in SEZ. The Agreement will also ensure smooth implementation towards the development of the SEZ by providing Single Window Service through the Bureau of Investment Promotion (BIP). It will also help PSL to avail various incentives and facilities under various schemes announced by the State / Central Government, which will ensure that its development remains on the fast track.

Speaking on the development Mr. S N Sharma, Director, Parsvnath SEZ Ltd said, "This is a very significant MoU for us as this will help us in hastening the process of our commercial activity in Rajasthan. We have already identified location for the SEZ, which will be on the outskirts of Jaipur. Once complete, the project is expected to generate employment for more than 60,000 persons in the State of Rajasthan."

The development of the project is scheduled for completion within 3 years from the
commencement of construction.

Parsvnath Developers Q2FY07 Results

Parsvnath Developers Ltd has announced the following Unaudited results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 1007.38 million for the quarter ended September 30, 2007 as compared to Rs 489.26 million for the quarter ended September 30, 2006. Total Income has increased from Rs 2933.38 million for the quarter ended September 30, 2006 to Rs 4077.20 million for the quarter ended September 30, 2007.

The Consolidated results are as follows:

The Group has posted a profit after tax & minority interest of Rs 1027.73 million for the quarter ended September 30, 2007. Total Income is Rs 4127.07 million for the quarter ended September 30, 2007.

Parsvnath to develop at Indore

Parsvnath Developers Ltd has announced the launch of yet another iconic residential development Parsvnath City at Indore, Sprawling over 200 acres, the township will offer multistoroy condomonium, Villas & Plots for cosmoplotian community living.

The Company will offer four categories of plots ranging from 1548 square feet to 3825 square feet in the first phase of launch. The entry point has been kept affordable to enable people staying at Indom opt for a modern lifestyle at attractive prices starting from Rs 8 Lac onwards.

The first gated Mega Township at Indore, Parsvnath City will provide a unique ergonomic environment to all its residents and will offer magnificent features & amenities in line with international standards. The project will have three Group Housings sprawling over approx 9.5 lac sq. ft. that will epitomise sophisticated living. The Township will also offer an exclusive Mall cum Multiplex cum Hotel spread over approx 5 lac sq. ft., sports grounds and full-fledged fitness clubs.

'Parsvnath City' is a strategic development offering state-of-the-art facilities, eco friendly environment and luxurious living at an affordable price. Being in the vicinity of upcoming Parsvnath IT / ITeS SEZ, Parsvnath City, "a Satellite township" is the first initiative In the region to extend a 'Walk to Work concept' and will be instrumental in bringing about a catalytical change in the realty sky of the city which is experiencing exponential development." Said Mr. Sanjeev Jain, Managing Director of the Company.

The project is being constructed along the Rs 2100 crores IT / ITeS SEZ sprawling over 78 acres. The SEZ will have a built up processing area of 7.47 million sq. ft. and will ensure 40,000 potential direct employments.

Parsvnath City will have a realisation value of approximately Rs 800 crores spread over the next three years. The project will be ready for occupancy within 3 years from the commencement of construction.

Parsvnath Developers

Parsvnath Developers Ltd has announced that in an overwhelming response to the first phase of the launch of Parsvnath Prideasia, the Premium Township of the Company, more than 65% of the units on offer have been booked. 220 units in various categories at this luxurious township situated in the heart of Chandigarh have been booked amounting to a sale of Rs 325 crores approximately.

10% of the 359 units which were made available for booking were reserved for IT / ITES companies. This initiative was specially taken keeping in mind the upcoming IT / ITES / BPO companies in the vicinity of the township and the place seeing the interest of many professionals to reside in the city which is strategically located in Rajiv Gandhi Chandigarh Technology Park.

The Township has been witnessing a sea of visitors since its launch at the beginning of the month. Even the limited edition 5 bedroom Penthouses and Exclusive Villas have witnessed tremendous response. The exquisitely designed 123 acres luxurious township providing for aristocratic living amidst Sukhna lake, golf course and in the backdrop of Shivalik Range is an integral part of the Rajiv Gandhi Chandigarn Technology Park which is fast becoming the most attractive hub for investments, job creation and education.

According to Mr. Pradeep Jain, Chairman of the Company, "We are quite satisfied with the bookings that we have received in the first phase. The response and acceptance shown towards the new concept introduced is quite encouraging. The booking figures for the Hi end apartments and Villas are also very forthcoming."

"This is the first time that we have introduced many new concepts and amenities in the township that are synonymous with luxurious and premium lifestyle. The aspiration to own such an address is growing gradually and we are willing to wait for this enigma to grow," Mr. Pradeep Jain added.

Parsvnath PRIDEASIA is a joint venture between the Company and Chandigarh Housing Board. The Project has a saleable residential area of 38.5 lakh sq ft, a commercial area of 2.7 lakh sq ft. and a club, Sports centre and a water sports complex of 2 lakh sq. ft.