MUMBAI: India’s one of the top developer Parsvnath Developers Ltd is planning to list its two and half million square feet of shopping mall and commercial place as a real estate investment trust (REIT), potentially the first firms to use the instrument to raise money in the country.

Parsvnath, which depends on JP Morgan and PE firm Red Fort Capital among its investors, is ready to list the assets once the Sebi and the Government issues final norms on REITs by the year-end.

The firm will take a final decision after the guidelines are out. The realty firm reported a 32 pc dip in net for the second quarter of this fiscal year.

The property firm is also looking for new road maps to raise capital to pay down their debts and invest in future growth after the bank funding drying up in recent past.

The realty firm has invested about Rs 600 crore in more than 12 malls located at metro stations across the country.

DLF Ltd, India’s biggest developer with a market value of more than $4.5 billion, is also gearing up to raise capital by issuing asset-backed bonds to cut down its debt.

Most of the developers in the country are burdened by high borrowing cost, inflation and low customer sentiments as the country is growing at its slow pace in last decade.