Parsvnath to develop modern Multimedia-cum-Film City centre at Chandigarh

Parsvnath Developers Ltd on March 02, 2007 has announced that the Company would develop a state-of-the-art Multimedia-cum film city centre at Sarangpur, Chandigarh. The project valued at approximately Rs 800 crore, has been awarded to the company after a highly competitive bidding by some of the prominent developers of the Country.

Parsvnath Film City Ltd, a subsidiary of the Company, formed as a Special Purpose Vehicle for implementing this project, has on March 02, 2007 has signed the agreement with Tourism Department, Chandigarh Administration. Mr Satish Kaushik, a renowned film producer, is the technical advisor for the project. Parsvnath will pay a premium of Rs 191 crores for the land with a lease period of 99 years.

Commenting on the occasion, Mr. Pradeep Jain, Chairman of the Company said, " This project marks the foray of Parsvnath Developers Ltd. in the Entertainment Infrastructure arena. We are very glad to have bagged this coveted project."

The multimedia-cum-film city project, with a total Floor Area Ratio (FAR) of 13,00,000 Sq. ft. will be spread over 30 acres. The project will be completed within 36 months, which includes six months for getting the necessary clearance.

The multimedia-cum-film city project will have four components - i) A Film Studio, ii) A Multimedia Park iii) A Multimedia Entertainment Centre and iv) A Multimedia College and Research centre.

The Film City will have world-class features like digital studios (for film and television productions), post-production facilities for digital films, high-tech animation facility, high-tech gaming facility and a cafeteria. It will have a total FAR of 32,300 sq. mtrs(3,47,000 sq.ft.)

The Multimedia Park will provide ready-built space for technology companies working in the multimedia industry, to facilitate setting up of own software / multimedia development centers. The Park will be built with a total FAR of 32,300 sq.mtrs (3,47,000 sq.ft.)

The Multimedia Entertainment Centre will consist of a minimum four-screen multiplex with a total seating capacity of 900 persons, a hotel with a provision of at least 200 rooms, commercial space for food parlours, games center, internet cafe, exhibition centre etc. A twin-level basement parking for the multiplex is also being considered. This would be developed on a total FAR of 2,61,360 sq.ft.

The Multimedia College and Research Centre, will have features like facility for multimedia studies, modern equipments for animations, various international standard devices and software for gaming, research centre etc. The college will provide education along with hostel facility to at least 750 students. This will be constructed on a total FAR of 32,300 sq.mtr. (3,47,000 sq.ft.)

Source : Equity Bulls

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