Parsvnath Developers, one of India’s leading real estate developers, has informed that the company’s subsidiary Parsvnath Hotels Ltd has received 5 star category approvals from Ministry of Tourism for hotel project at Patto Plaza, Panaji.

The project is being developed on total land area of approx 3150.20 sq ft. and expected to be operational by end of 2010.

Parsvnath Hotels is presently developing 17 hotels with a saleable area of 2.27 million sq. ft., which includes nine 5-star, two 4-star, five 3-star and a serviced apartment at Bhiwadi. These hotels offer 3-star to 5-star facilities with décor and ambience with delicacies of luxury to revolve around and aimed at providing a total of 2396 rooms which will cater to the huge demand for hotel rooms in the country. The construction is already in full swing for 6 hotel properties and is expected to be completed by 2010.   

For the year ended March 31, 2008 Parsvnath Developers has recorded consolidated revenues of Rs 1837.12 crore and net profit of Rs 424.39 crore.