Parsvnath Developers is planning to trim net debt by up to Rs 400 crore and invest the rest on ongoing projects after receiving Rs 572 crore from Chandigarh Housing Board (CHB) in a settlement of dispute over a realty project. Currently, the company has a net debt of about Rs 1,300 crore.
Recently, the company has got back Rs 572 crore from CHB after both the parties agreed to accept arbitration award. Realty firm has surrendered 124 acres to the CHB.
Parsvnath Developers has diversified portfolio, which includes, integrated townships, group housing, commercial complexes, hotels, IT parks, among others. The company has total developable area of over 195.82 million square feet across all real estate verticals.
