Parsvnath to earn 400 cr from malls

New Delhi, May 14 (UNI) Realty major Parsvnath Developers Ltd today said it will target a rent revenue of Rs 400 crore annually from its shopping malls at metro stations ahead of the Commonwealth Games in the capital.

''By 2009-10, the company will earn annual rent revenue of 400 crore from our shopping malls on 12 stations owned by the Delhi Metro Rail Corporation (DMRC),'' company's Chairman Pradeep Jain told reporters on the sidelines of a function.

The company earned a total revenue of Rs 650 crore last fiscal, registering an year-to-year growth of 150 per cent.

With the 2010 Commonwealth Games around the corner, the company is planning to come up with two hotels in the capital city. A three star hotel at Seelampur metro station is already under construction and a five star hotel at Dwarka is at the initial stage, Mr Jain said.

''We are also planning shopping malls at Wazirpur Station and Chawri Bazar,'' he added.

The company also laid the foundation stone of its second integrated shopping mall and metro station at the Games Village complex.

Situated opposite the Akshardham temple where the Commonwealth Games is scheduled, the 160-crore project, spread over 7.30 acres, will be completed in two phases.

''Top retailers like Reliance, Big Bazaar, Birla, Mc Donalds have approached the company to lease out the space to them in this mall,'' said Mr Jain.

The Chairman said that currently, the company is working on 17 hotel projects across pan-India and this month it will come up with mall and apartment in Sonepat, township in Panipat and a housing project in Jammu.

UNI