parsvnath
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Parsvnath Developers Ltd is now planning to enter the international real estate market now by forming offshore development companies in various countries to kick off projects overseas, even as the real estate market in India starts to slow. The companies would be set up as 100% units of Parsvnath. The company plans to expand its footprint outside India to countries such as Sri Lanka, Mauritius, Singapore and the UK and in West Asia. Parsvnath is present in 48 cities in India. While the firm is growing, Mr. Jain of Parsvnathsays that Indian real estate market wasn’t slowing despite showing signs of sluggishness. The firm will 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 to enter the Oman realty market. Parsvnath is looking at developing stand-alone housing projects, retail projects and integrated townships in the offshore markets. “The international market provides good opportunities as the real estate market there is more transparent. We also feel we will get better technological expertise in these markets,” According to Mr. Jain. Parsvnath 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. The company plans to tie up with a couple of airport operators. “We are in talks with some players. We are looking at retaining a majority stake in the joint venture,” Jain said.TRANSCRIPT
Eleventh-born of 14 children, Jain broke away from family business of manufacturing aluminum kitchenware to seek his fortune in property. Started as real estate broker, moving into land development in 1990. Initially targeted small towns in Northern India, then shifted focus to Delhi.
Current projects cover 122 million square feet in 45 cities across the country and include hotels, malls, IT parks and special economic zones. Joined billionaire ranks after November listing of flagship Parsvnath Developers, of which he owns 80%. Collects statues of Ganesha, the Hindu god.
