new delhi realty firm parsvnath developers today said it plans to either sell the rs 1000crore worth land parcels in southwest india or form joint ventures with local builders for development we are planning to monetise our land parcels in southern and western part of the country in cities like chennai hyderabad kochi goa mysore and palghat we will sell these plots if we get a good price or form joint ventures with local developers parsvnath developers chairman pradeep jain said asked about the value of these assets jain said it would be about rs 1000 crore parsvnath has 85 acres land in kochi of which 50 per cent has already been notified as special economic zone and process for the next half is in progress it has 35 acres in chennai and 75 acre in mysore jain said the company is in discussion with the potential buyers for some of the assets parsvnath is targeting to reduce the debt to rs 500 crore by march 2016 from existing rs 1300 crore the funds raised from divestment would be primarily used for debt reduction parsvnath developers reported a consolidated net loss of rs 2284 crore for the quarter ended march on lower sales against a net profit of rs 1484 crore in the yearago period total income from operations dropped by 50 per cent to rs 9017 crore during the fourth quarter of last fiscal from rs 18187 crore in the corresponding period of previous year during 201314 fiscal parsvnaths net profit dropped sharply to rs 1622 crore from rs 7124 crore in the year ago period total income from operations also fell to rs 56081 crore last fiscal from rs 64263 crore in 201213 parsvnath has completed 54 projects and it is currently working on 49 projects with a total area of 72 million sq ft