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Parsvnath to foray into overseas realty

Real estate developer, Parsvnath Developers Ltd plans to enter the international real estate market by forming offshore development companies in various countries to kick off projects overseas.

Apnaloan.com Research Bureau

22 Aug 2007

Real estate developer, Parsvnath Developers Ltd plans to enter the international real estate market by forming offshore development companies in various countries like Sri Lanka, Mauritius, Singapore and the UK and in West Asia to kick off projects overseas, even as the real estate market in India starts to slow.

Mint reports that Parsvnath Developers Ltd will be ready to make the move by September 2007. Currently, Parsvnath is present in 48 cities in India and plan foray into the offshore markets either on its own or through joint ventures with local developers or the government.

Parsvnath has already entered a joint venture with the Oman-based, Al-Hassan Group of Industries and is looking at developing stand-alone housing projects, retail projects and integrated townships in the offshore markets.

It is also looking at bidding for airport modernization and management projects and is in talks with leading global airport operators to jointly bid for projects.