Parsvnath Developers has invited bids for sale of this property and is expecting a sales realisation of Rs. 700 crore, market sources said, adding that property consultant Jones Lang LaSalle has been roped in for this purpose.
When contacted, Parsvnath Developers chairman Pradeep Jain told PTI: “Yes, we are monetising our assets to deleverage the company’s balance sheet”.Jain, however, declined to share details.
Parsvnath Developers has a net debt of about Rs. 1,200 crore and plans to reduce it to about Rs. 500 crore through sale of this prime property, sources said, adding that the deal could be finalised by the end of next month.