A Delhi based realty firm Parsvnath Developers will invest about Rs 100 crore to construct a shopping mall in Delhi as part of its strategy to lease the commercial properties and generate rental income.
Pradeep Jain, Chairman of Parsvnath Developers, “We are developing a shopping mall at Netaji Subhash Place in West Delhi. The total area of the shopping mall is 5 lakh sq ft.”
The 5-acre project will be constructed in the next 18 months, he added.
Jain said, “We are very bullish on the commercial real estate segment which is doing extremely well as compared to housing segment.”
The investment will be Rs 100 crore on this shopping mall, Jain told.
In the housing segment, he said the company is only focusing on completion of existing projects and has not launched any new projects in last few years.
Speaking about its existing commercial properties, Jain said the company’s current annual rental income is about Rs 120 crore.
It is earning about Rs 40 crore from other commercial assets, including metro malls and over Rs 80 crore from the first phase of an office building near Gole Market in central Delhi.
Parsvnath is developing the second phase of the Gole Market property and expects it to be completed by June next year.