Parsvnath Developers sold 140-acre land to cut debt
Realty firm Parsvnath Developers has sold 140-acre land at Sohna, Gurgaon, to Supertech Ltd for Rs 665 crore as part of plans to divest non-core assets to cut debt and complete ongoing projects. With this deal, Kotak Realty Fund has exited this township project.
It had invested Rs 110 crore in the project in 2012. According to sources, Parsvnath has entered into agreement with another builder Supertech, selling the land for Rs 665 crore. Of 140 acre, 100 acre is licensed and the approval for 40 acre is expected shortly. Parsvnath had last week informed the BSE that it has transferred the land and development rights in the township project to Supertech but did not give any financial details.
When contacted, Parsvnath Developers Chairman Pradeep Jain said that they have monetised this asset as per the company’s strategy to reduce the debt and strengthen the execution of ongoing projects. When asked about the size of the deal, he did not make any comments. Parsvnath has a debt of about Rs 1,200 crore, which will come down after this deal.
Source: The Financial Express
Gurgaon, Kotak Realty Fund, land at Sohna, Parsvnath Developers, Realty firm, Supertech, township project to Supertech
