Chandigarh to have its own film city

Bollywood is soon to have another hang-out place"" Chandigarh Film City.

The state-of-the-art multimedia-cum film city centre in Chandigarh Delhi-based Parsvnath Developers is planning will join the exclusive club of other film cities that include Mumbai Film City, Noida Film City and Ramoji Film City in Hyderabad.

The multimedia-cum-film city project, the first of its kind, will cost an estimated Rs 800 crore and will include a film studio, a multimedia park, a multimedia entertainment centre and a multimedia college and research centre, spread over 30 acres.

The project will be completed within 36 months. Parsvnath Developers will pay a premium of Rs 191 crore for the land, which will have a lease period of 99 years.

Parsvnath Film City, a subsidiary of Parsvnath Developers, will serve as the special purpose vehicle for project implementation.

The company plans to dilute equity in the subsidiary and will raise funds through internal accrual and sale of commercial space.

"We are working out other investments details. However, it would be too early to predict when we would break even," said Pradeep Jain, chairman of Parsvnath Developers.

Parsvnath has entered into an agreement with the Chandigarh Tourism Board to form a private-public partnership. Chandigarh's scenic beauty, high tourist traffic and its proximity to Punjab, Haryana and Himachal Pradesh, a favourite destination among tourists, has prompted the Chandigarh Tourism Board to toy with the idea.

The film city, to be designed and developed in line with international standards, will have a digital studio to facilitate film and television production, post-production facilities for digital films, a high-tech animation facility and a high-tech gaming facility.

The multimedia park will provide ready-built space for technology companies working in the multimedia industry and will also facilitate the setting up of their own software and multimedia development centres.

The entertainment centre will consist of a minimum four-screen multiplex with a total seating capacity of 900, a 200 room hotel and service apartments and a commercial estate.

The multimedia college and research centre will have features such as a facility for multimedia studies, modern animation equipment, various international standard devices and software for gaming.

The college will deliver graduate and post-graduate courses in multimedia for 750 students, and have a hostel facility.

"We want to make it a one-stop shop facilitator for all media and film needs," said Jain, adding that Parsvnath is scouting for international partners for tie-ups in all four components of the project. Sources say the Rajasthan government too is considering a film city project and will soon invite bids for it.