Parsvnath Developers are planning to invest Rs 1,100 crore in next four years to develop a dedicated and huge township on Gurgaon-Sohna road. The Delhi-based reality firm will launch the 110-acre township next year and is eyeing revenue of Rs 2,700 crore over the four years. The firm is expected to get permissions soon for the project.

As per the new master plan of Sohna road, the land has been notified as residential zone and the firm is gearing up to develop a township on it.The investment will be around Rs 1, 120 crore excluding the land cost. The firm will construct 2 million sq ft each of group housing and independent floors.

The firm is banking on this proposed township along with two commercial properties in the National Capital to become debt free by the end of 2014-15. It had debt of around Rs 1500 crore.

Parsvnath has completed the construction of commercial tower, having 3.1 lakh sq ft area, in Gole Market and the renting process would start soon. It has also commenced another commercial building, with 1.8 lakh sq ft at KG Marg.

Recently, the real estate major had declared plans to monetize non-core land parcel in South-West India either through JV with local builders or outright sale of plots.

The group has 91 acres in Kochi, of which 52 pc has already been notified as Special Economic Zone and process for the next half is in progress.

The firm reported 30 pc fall in consolidated net profit at Rs 12.51 crore for the second quarter of this fiscal due to higher outgo on tax. It had posted a net profit of Rs 17.93 crore in the year-ago period.