Parsvnath is the seventh company in recent times to apply for what is called a "Unified Access Services" licence, joining a list of applicants that is waiting for spectrum (the crucial radio-frequency that enables wireless communications).

"There is big potential in telecom services. This business will be conducted through a special purpose vehicle promoted by us, local investors and a world-renowned telecom partner," said Pradeep Jain, chairman, Parsvnath Developers, a listed firm that has a market capitalisation of around Rs 6,000 crore, revenues of Rs 1,534.50 crore and a consolidated net profit of Rs 292.21 crore.

The telecom foray is the second diversification outside its core business of developing residential and commercial real estate -- it is already in the Special Economic Zone space with five zones to be set up across the country.

Jain added the foray also made sense due to the potential increase in subscribers.

"Mobile penetration in India is still low compared to developed countries. As and when number portability is introduced, it would offer immense business opportunity to new entrants," Jain added.

The government is currently reviewing the policy on spectrum allocation and grappling with plans to introduce next generation high-speed mobile services in India.

Since telecom licensing norms were changed in 2003 to allow for universal access (before this licences were dependent on the technology being used), the government granted over 97 such licences.

A pan-India licence usually costs around Rs 1,500 crore.