Parsvnath
Developers posted a rather frail set of Q2 numbers. In an interview
with CNBC-TV18, Pradeep Jain, Chairman of the company conversed the Q2
performance and gave his stance for the company’s future. We own
commercial properties that have a size of 1.38 million square feet, said
Jain. He further mentioned that the organization will become debt free
in the next 2-3 years. We will monetize few assets and will use the
gains to pare debt, he added. Talking about the ventures, he said we
will deliver all our projects in the next 18-24 months.
Parsvnath Developers is a big fish in the pond called real estate. The company has been smoothly operating for a long time now, without any allegations and major complaints. But a while ago the company was dealt with an unforeseen lawsuit regarding the inability to provide the possession of the specific “Parsvnath Exotica” project. The 70 investors collectively sued the company with a legal counselor. In the light of the recent property crises, the company received bad highlights in media, which bleed the company’s reputation.
The investor's lawyer proposed that Parsvnath returned the money paid by the customers at the time of the purchase and deal signing. To counter the company’s own counsel plead the court about the current market conditions and tried to persuade the court to extend the possession time. So, that the company could fulfill that was promised in the signed agreement and wrap this case and make in understanding. By a long struggle and argument, the court denied Parsvnath offer and the investors won the case.
Parsvnath Developers is a big fish in the pond called real estate. The company has been smoothly operating for a long time now, without any allegations and major complaints. But a while ago the company was dealt with an unforeseen lawsuit regarding the inability to provide the possession of the specific “Parsvnath Exotica” project. The 70 investors collectively sued the company with a legal counselor. In the light of the recent property crises, the company received bad highlights in media, which bleed the company’s reputation.
The investor's lawyer proposed that Parsvnath returned the money paid by the customers at the time of the purchase and deal signing. To counter the company’s own counsel plead the court about the current market conditions and tried to persuade the court to extend the possession time. So, that the company could fulfill that was promised in the signed agreement and wrap this case and make in understanding. By a long struggle and argument, the court denied Parsvnath offer and the investors won the case.
This case was the start of the what you call a walk of shame for the company’s reputation. The multi city of Parsvnath Developers Fraud complaints which has nothing to do with the prime case was featured all over the internet.
Another case, now plated to the Competition Commission was denied by the commission. The complaint was a claim that Parsvnath used their dominant position in the market and manipulated their clients to the pact on some unethical terms and conditions. By the deep analysis and market study, the commission dropped the charges as there are more dominant players than Parsvnath in the concerned market. To assume that the company used their market dominance will be a wrong fact to use.
However, by the words of the company chairman seems sold, and we may expect to see the company’s current pr academic in remission morally and monetarily.
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