Pride Asia: Parsvnath returns land, CHB gives Rs 567 crore

The curtains on much-publicised integrated township project 'Pride Asia' promoted by realty firm Parsvnath Developers in collaboration with Chandigarh Housing Board finally came down with later agreeing to refund the award money and former returning the land.
"We have agreed to part ways on this (Pride Asia) project," Officiating Chairman, Chandigarh Housing Board (CHB) Vivek Partap Singh said here today.
"We have given the award money amounting to Rs 567 crore to Parsvnath while the realty has returned the 123 acres of land to CHB as per Arbitration award," Singh added.
This decision was taken in a meeting held here between representatives of CHB and New Delhi based Parsvnath Developers including its Chairman Pardeep Jain, said Singh.

Nestled in foothills of Shivalik, the integrated township project was to come up at 123 acres of land in joint venture with Chandigarh Housing Board. The foundation stone of 'Pride Asia' project was laid in April 2008.
CHB had transferred the land to Parsvnath for Rs 821 crore for this project, though the project could not take off and the matter reached for arbitration.

Singh informed that in the month of January this year, Justice (retd) R V Raveendran settled the matter in which it was decided to refund Rs 567 crore to Parsvnath while the company would handover the land to CHB.

The award was calculated after adjusting the compensation (Rs 20 crore), interest relief (Rs 127 crore) to CHB and interest compensation (Rs 198 crore) to Parsvnath, he said.
To a query, Singh said that the CHB would take a decision on how to develop 123 acres of land in due course.
Touted as one of the biggest realty projects in and around Chandigarh, the Pride Asia project, which was aimed to attract high-end customers, was to be developed on public private partnership model.
It was proposed to offers low rise air conditioned 1/2/3/4/5 bedroom apartments (Ground +3) penthouses and exquisite villas, besides boasting of 100 per cent power backup, piped gas supply, water bodies, helipad, luxury club with large sports complex.

The cost of the apartment ranged between Rs 52 lakh to Rs 3.83 crore and villa worth Rs 6 crore.