Parsvnath goes for rebranding, launches scheme for home buyers

In a fiercely competitive market, a brand has to be constantly updated so that it does not get outdated. “Brands have to constantly adjust, change and find newer ways,” said Pradeep Jain, Chairman, Parsvnath Developers Ltd, while unveiling the company’s new logo. The exercise was part of the real estate company’s new corporate identity.

To realign with its rebranding strategy, the company also announced a scheme wherein a consumer can pay 25 per cent amount of booking while investing in a Parsvnath home like Parsvnath Exotica and the rest (75 per cent) on possession of the housing unit. However, the scheme is only for 20 residential projects which are at several stages of development. These projects are mostly in Delhi-NCR, Sonepat, Dharuhera, Bhiwadi, Rohtak, Ujjain, Saharanpur and Rajpura. Delhi-NCR accounts for almost eight of the total 20 projects.

“The new scheme is to encourage the first time home buyer. Out of the 8,500 total units, we have 3,000 unsold units in these 20 projects for which the scheme 25:75 House of Happiness has been launched,” said Sanjeev Jain, Managing Director of the company. The company has not increased rates in Delhi-NCR, which remains between Rs 3,000 to Rs 21,000 depending on location of the project.

Explaining the delay in possession in the company’s project, Pradeep Jain said: “In projects like Exotica, Gurgaon and others, we are delivering in phases. However, some projects saw slow delivery, like the one in Civil Lines in Delhi, due to global recession.”

The company is working on 50 projects with a total area of 76 million square feet but has not announced any new launches. “We are concentrating on old projects as we are on a fast-track-completion spree for the same. We will soon announce more projects,” informed Pradeep Jain. Five of the company’s projects are funded by private equity players, the rest are self funded.

The company, which has a total land bank of 192 million sq ft has integrated townships, residential and commercial complexes, multi-storied buildings, independent houses, apartments, shopping malls, information technology parks, hotels and special economic zones.paramount group launch apartment in Greater Noida.