Please brief our reader about the glorious journey of PARINEE GROUP.
Incorporated in the year 1963 as P.D. Construction, Parinee Group founded by Mr. Dilip Shah, commenced its business operations as civil contractors and after gaining an extensive experience of more than 4 decades, it diversified as Real Estate Developers. Headquartered in Mumbai, we are committed towards offering housing with a vision to provide luxury, class and lifestyle across the city. Being a 50 plus year old real estate organization, Parinee Group has over the years gained reputation in the development of integrated communities and commercial spaces that have become landmarks. With an exclusive planning approach pillared by over 4 decades of experience, our developments surpass industry benchmarks, re-define engineering and design. Over the years, Parinee Group has been able to transform the city’s real estate skyline with its signature styled residential and commercial offerings that bestow occupants a holistic living and working experience.
Please brief us about some of your key projects.
Backed by a highly stable corporate structure and unimpeachable execution track record, wehave over the years materialized as an established player in the residential and commercial real estate industry. Having fruitfully completed around 15 lakh sq. ft. of commercial and residential projects, we are well on track to strengthen our strong industry foothold and explore market opportunities through our state-of-the-art projects on offer. Our offerings like Anand Villa, Juhu, Green Brok JVPD and Crescenzo in BKC are a true epitome of luxury and convenience. Some of ouron-going precisely planned structures include commercial spaces like Parinee I and Parinee Eminence which are a perfect union of space-age technology coupled with aesthetic design and liveable residential projects like Parinee Liva Roca, Parinee 11 West and Parinee Aria nestled in magnum opus locations. Through the development of 2 million sq. ft. projects across MMR’s high growth suburban corridors ranging from JVPD, Worli to Borivali, we aim to continue outperforming in the housing and commercial landscapes. Our recent funding acquisition of 325 crores for our commercial offering Parinee Eminence will set the tone for more such path-breaking innovations.
Could you talk about your outlook for the future plans to expand business?
Going forward, we as a brand envision to tap high-growth markets with a vision to contribute to the country’s speedy infrastructure growth through innovative housing and commercial edifices. Having understood the impact of commercial real estate in lending a quality turnover, in the upcoming years, we plan to explore the commercial real estate markets by coming up with quite an impressive portfolio of offices spaces. The completion of around 15 lakh sq. ft of commercial and residential projects will further leverage our expansion plans in the industry.
Please brief us about company’s growth in the last few years.
It has been a path-breaking industry journey of more than four decades. Being an active market player, we have not only presented a great deal of fortitude and determination but havealso reconnoitred the emerging opportunities quite well. As a renowned market leader, we have always been diverse from our peers and this inclusivity has facilitated us to emerge as a strong player in the Indian real estate business.In the last few years while the Real estate Industry has seen some very difficult times, we have acquired 5 new projects at Juhu.
What are the most significant challenges you face in this competitive market?
One of the most significant challenge that we faced is our Project at Worli which we have managed to revive with pure determination from the Management. The project had earlier received funding from Edelweiss group to the tune of Rs.450 Crores. Thereafter due to theIl&FS crisis in September 2018, the project could not receive further funding.Also, the project was earlier approved under Old DCR Rules of 1991, which now has been revised as per New DCPR of 2034.
Now, Parinee Group has tied up additional funds of Rs.325 Crores from various Investors including a barter tie up for the RCC contract of the entire building. The existing loans have also been restructured to ensure that all the funds are channelized for the construction of the project.
What has been the contribution of PARINEE GROUP during the covid-19 pandemic?
The Pandemic has hit all industries and Real Estate was no exception, but we hope that as we are looking at starting around 3-5 new projects this year, we will be able to contribute to the industry in line of offering new jobs and upscale the revival to some extent.