The movie, which is yet to get a title, will also star VJs Bani and Manish Anand in pivotal roles.
"It's a light-hearted but very romantic film and I am happy that both Richa and Neil came together for the film. This fresh pair would be one of the USPs of the film. We are all excited about starting the project soon," said Wadhawan.
Chadda, who shot to fame with Anurag Kashyap's "Gangs of Wasseypur", said after playing someone double her age in "GoW" she is happy to play her age in next.
"I am very excited about Prerna's film since I am playing my age after playing a mature character double my age in Gangs of Wasseypur.
"Also, we will shoot this film at exotic locations of a hill station in India since it is a romantic film. I am really looking forward to start shooting," Chadda said.
The film is slated to go on floors this month and will release next year.