Chandigarh, Oct 7 (IANS) Parsvanath Developers, a leading Indian real estate builder, is to develop a Rs.8.2 billion integrated township in the information technology (IT) park campus here.
Parsvanath deposited its first instalment of Rs.1 billion and inked the project agreement with the Chandigarh Housing Board (CHB) Friday. The company will develop a 124-acres complex combining residential and commercial establishments.
'It will be a world-class project with the best of facilities,' said Pradeep Jain, chairperson of Parsvanath Developers.
The project would be an eco-friendly one with almost 20 percent of land area being reserved for recreational greens and another 10 acres reserved for water bodies, according to a press release here.
The proposed township would be complete with apartments, private villas, shopping malls, schools, recreational clubs, a petrol pump and a sports stadium.
The project, situated near the Rajiv Gandhi Technology Park, is expected to be complete in three years.