Parsvnath Developers announces Q3 FY2013 results

Operation / Business Highlights

•  As a strategy for accelerated possession offering, the Company is concentrating on faster execution.

•  Handed over possession of 123 units, comprising an area of about 3 lacs sq. ft.

•  We have paid second installment of Rs. 330 Crores, to Rail Land Development Authority for Residential/Housing project in Sarai Rohilla, near Connaught Place, New Delhi.

•  Final Master Plan for Residential zone of Sohna has been notified by Government of Haryana. PDL has filed application for township and Group Housing project at Sohna Road Project.

•  Repatriated Rs.34.56 crores to PE investor, Sun Appollo from Exotica Gurgaon SPV project.

Commenting on the performance, strategy followed and future outlook, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said,

The last quarter has been full of positive news. Some of the recent announcements by the Government is likely to improve the investment climate in the country, which in turn will have a positive impact on the Real Estate industry.

•  With the Government’s policy of accelerating the reforms, the global investors are showing interest in the Indian market.

•  Approval of FDI in retail will give boost to the retail spaces. Specifically our DMRC properties situated at various locations of Delhi getting good expression of interest from reputed retailers/brands.

•  Reduction in CRR rate by RBI have brought liquidity in the banking system.

•  The recent reduction of Home loans by Banks, will give boost to the residential sale.