Parsvnath Developers has announced the launch of Parsvnath 'Prideasia', a strategically located project in Chandigarh. With a realization value of approximately US$ 1 billion (Rs 4100 crore), Parsvnath 'Prideasia' is an exquisitely designed luxurious township providing for aristocratic living. Located amidst Sukhna lake, golf course, an upcoming five star hotel and in the backdrop of Shivalik range, an investment in this project would provide much more value to its resident than just a luxurious and comfortable living.
The revenue from this project would be realized over a period of three years, including current financial year. Parsvnath 'Prideasia' is a joint venture between the company and Chandigarh Housing Board. The project has a saleable residential area of 38.5 lakh sq.ft a commercial area of 2.7 lakh sq.ft and a club, sports centre and a water sports complex of 2 lakh sq.ft.
The project is being jointly marketed through marketing arms of the company and various banks and the amount would be collected in an escrow account. 30% of the gross receipts from the residential segment would go to Chandigarh Housing Board and balance 70% would come to the company. The realisations from segments other than residential would come entirely to the company.
Enveloped with large stretches of green precincts and surrounded by water bodies, Parsvnath 'Prideasia' is a premium accommodation ranging from one to five bedroom air-conditioned apartments with their cost ranging approximately between Rs 52 lakh to Rs 3.8 crore. The project will be launched phase wise with 359 units out of a total of 1314 units being launched in Phase 1. The estimated sales value of Phase 1 of the project is Rs 750 crore. It will also showcase exclusive high-end villas of 8660 sq ft costing approximately Rs 6 crore each.
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