Chandigarh signs MoU with Unitech for theme park

The Chandigarh administration signed a memorandum of understanding with Unitech Ltd for setting up an integrated theme park here.

The MoU was signed by Krishan Mohan, secretary Tourism),Chandigarh, and V K Chadha, executive director (Real Estate Division), Unitech Ltd.

The Chandigarh administration provided 73 acres of land to Unitech, and, in return, it will get an annual rent of Rs 5.5 crore and 1.1 per cent gross revenue from Unitech. About one million tourists are expected to visit the theme park annually.

Chadha said the cost of the project would be around Rs 600-750 crore. The first phase of the project will be operational in 30 months and it will be completed in 42 months.

"It will have a luxury and a budget hotel and we expect to rope in Inter Continental for the luxury hotel," he added.

Krishan Mohan said, "Chandigarh has ample infrastructure and only 30 per cent of it has been utilised by its residents. The project like theme park will boost the economic activities here," he added.