Parsvnath to raise a fortune to clear debt
Parsvnath Developers, a known name in the realty market is to raise Rs 700-800 crore to clear its debt which stands at around Rs 1,200 crore.
The group will sell its 1.2-acre Kasturba Gandhi Marg plot located near Connaught Place.
The property consists of a bungalow and has been termed as commercial space which will allow buyer to construct a nine storey building.
Parsvnath group has plans of converting the revenue into 300% premium over the buying price of the plot.
The plans of building a commercial property on the plot has been stalled by the developers for time being to clear its debt.
Source: The Economic Times
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