Parsvanath trumps DLF

Marking the region as one of the most preferred development and investment destination, Parsvanath Developers' bid of Rs 821.21 crore for development of residential, commercial and other related infrastructure facilities at the Rajiv Gandhi Chandigarh Technology Park (RGCTP) was selected by the Chandigarh Housing Board.

The project, spread over 129 acres at RGCTP, would be developed into a world-class residential and commercial facility, equipped with state-of-the-art social infrastructure and other utilities.

Out of the total price bid of Rs 821.21 crore, Rs 621.21 crore is for residential colony and Rs 200 crore for commercial area.

Pradeep Jain, Chairman, Parsvanath Developers Ltd, said the project would be completed in three years. The 1,550 apartments would range from one bedroom to five bedroom flats and private villas.

The Chandigarh Housing Board has been appointed as the nodal agency to execute the project.

Terming the financial model to be the first of its kind in the country, S.N.Sahai, chairman, Chandigarh Housing Board, said, "The model envisages 30 per cent share of revenue accruing on the sale of residential units in addition to making up front payment of land."

Parsvanath Developers outbid DLF Universal Ltd, the next highest bidder. The latter had quoted a price bid of Rs 567 crore (Rs 402 crore for housing colony and Rs 165 crore for commercial part).