Parsvnath Developers is reportedly planning to sell its 1.18 acre of prime commercial land near Connaught Place in the National Capital for about Rs 700 crore. In this regard, Sahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, Red Fort Capital and Shri Lal Mahal are understood to be in the race among others to acquire Parsvnath Developers' land in Delhi. The built-up area allowed on this prime land is about 1.5 lakh sq ft with 300 car parking.
Further, the company is planning to reduce its debt of about Rs 1,200 crore to about Rs 500 crore by utilising the proceeds from sale of this prime property. The company, which has a land bank of about 200 million sq ft across the country, had received private equity funding from Sun Apollo and JP Morgan in some other projects in NCR.