Parsvnath launches township in Chandigarh

New Delhi, Aug 30 (UNI) Real estate major Parsvnath Developers Ltd today announced the launch of a township -- Prideasia -- in Chandigarh that would fetch a revenue of about Rs 4,100 crore (about one billion dollars).

The 123-acre project will have 38.5 lakh square feet of residential space, and 2.7 lakh sq ft of commercial space, it said in a statement.

Parsvnath has a 70 per cent stake in the project, with the balance being held by the Chandigarh Housing Board, it said.

The revenue from this project would be realised over a period of three years, including current financial year.

The project is being jointly marketed through marketing arms of the company and various banks and the amount would be collected in an escrow account.

''Prideasia is one of our most exquisite projects. It is a landmark project in India and an important milestone in furthering the public private partnership model for development of Chandigarh,'' company's Chairman Pradeep Jain said.

The project will be launched phase wise with 359 units out of a total of 1,314 units being launched in Phase 1. The estimated sales value of Phase 1 of the project is Rs 750 crore. It will also showcase exclusive high-end villas of 8,660 sq ft costing Rs six crore each.

UNI