Parsvnath divided its land bank of 193 million sq ft into two parts. Of this, it decided to put the execution of close to 42 million sq. ft on fast track execution.
Jain also focussed on internal restructuring and consolidation of its assets.

"When times are good, one does not focus on micro issues but in times like slowdowns, one has to address issues such as employee productivity and stretch (higher) targets," he adds.

The senior management of the company, including Jain himself, took salary cuts. Parsvnath also shifted out of its rented office in central Delhi's Barakhama Road area where it occupied two floors to its own complex in the Shahadara area.

"Shifting all employees to one place increased everyone's productivity and improved results," says Jain.

His is, literally, a rags to riches story.
Jain, a graduate from Delhi's Hans Raj College, began his career in real estate as a broker, finding buyers for flats built by big name developers like DLF, Unitech and the Ansals.

In 1990, he set up Parsvnath and made the transition from broker-consultant to developer. Rising from the grassroots has given him a 360-degree view of the industry that is recognised even by rivals. "This wasn't the worst slowdown the real estate sector has witnessed over the last two decades," he says. "This is, in fact, the fourth time the industry has slowed down, but the pain is behind us now." He's right.

A stable government at the Centre, lower interest rates, more affordable house prices and an improvement in the overall sentiment has brought some demand back to the market, albeit at lower price levels.

What now? Parsvnath, which has long-term debt of Rs 1,600 crore, is look ing for ways to raise capital to fund proj ects and reduce debt. In June, private equity firm Red Fort Capital invested Rs 90 crore in the company's luxury residential project in New Delhi. The company has also announced plans to raise Rs 2,500 crore through a private placement of shares by June next year.