Parsvnath deal raises compensation issues

The Chandigarh administration today denied allegations of not paying enough compensation to farmers whose agricultural land was acquired by the authorities and sold through bidding to Delhi-based real estate major Parsvnath for developing a residential and commercial complex.

The administration was reacting to the grievances of a farmers' group, which claimed that though the farmers had been given a total compensation of Rs 10 crore for 129 acres of land, it was sold to Parsvnath at a whopping Rs 1,250 crore.

The due process of law had been followed while acquiring the land, an official spokesperson said today.

The official said all the norms and procedures under the provisions of the Land Acquisition Act were followed and the administration did not act in an arbitrary manner while acquiring the land.

The Chandigarh Housing Board (CHB)selected Parsvnath Developers Private Ltd for developing residential, commercial and other related infrastructure facilities as an integrated project at the Rajiv Gandhi Technology Park in the city.

The CHB will also get 30 per cent of the share out of the residential apartments fetching a total revenue of Rs 1,250 crore.