Parsvnath to invest Rs 2,699 cr in Chandigarh township

New Delhi, Aug 31 (UNI) Delhi-based real estate major Parsvnath Developers Ltd today said it has tied-up with Chandigarh Housing Board to construct 123-acre township in Chandigarh, with an investment of Rs 2,699 crore.

The real estate developer is upbeat on generating a revenue of behemoth Rs 4,100 crore from this project.

''The township, targetting high-network individual, is being funded by both leading financial institutions and internal accruals.

This unique and exquisite township is a landmark project in the region and in joint venture with Chandigarh Housing Board it is an important milestone in furthering the public private partnership model for the development of Chandigarh,'' company's Chairman Pradeep Jain told reporters.

The township has a residential area of 38.5 lakh square feet and commercial area of 2.7 lakh square feet.

The project, to house 6,500 people, is to be completed within two-and-a-half-year from the day of the commencement, Mr Jain said.

Parsvanath has paid Rs 1,721 crore to the Chandigarh Housing Society for the project, he added.

The realty major will construct 1,314 units and offer 359 units in the first phase under the project.

The project will have 1,354 apartments and villas over 38 lakh square feet and a three-lakh-sq-foot shopping mall. Besides, there will be a clubhouse and sports stadium. Size wise, this is Parsvnath's biggest high-end project.

The township has accommodation ranging from one to five bedroom air-conditioned apartment in the price band of Rs 52 lakh to Rs 3.8 crore. It will also house high-end villa of 8,660 sq feet area, costing Rs six crore each.

It will have specially designed service apartments, a luxurious club packed with a well-equipped six-acre sports and wellness facility, airconditioned multiplexes and food courts.

Parsvnath will launch the first phase of the project on September two. Construction is expected to begin three months later and the project is due to be ready by 2009.

The township will have three-tier security arrangements and be maintained by the company for 99 years.

The scheme is open for allotment for the first phase from September two and will last till September 21.

UNI