Parsvnath Developers, the New Delhi-based real estate major, has reportedly pull out of the proposed Rs 800 crore multimedia centre-cum-film city project in Sarangpur near Chandigarh. The project, which was planned by Chandigarh administration, was aimed at promoting cinematic tourism in the union territory (UT).
Officials in the UT administration associated with the Film City project admitted that they have received an application from Parsvnath Developers in which the company has claimed a refund of its initial deposit of Rs 47.75 crore, along with interest.
According to UT officials, the real estate major backed out of the film city project due to the inter-state demarcation of the site and non-removal of two power lines (owned by the Punjab State Electricity Board) till date.
The multimedia film city project had envisaged a film studio, a multimedia park, a multimedia entertainment centre and a multimedia college and research centre. The film city would have also boasted of a digital studio to facilitate film and television production, post-production facilities for digital films, high-tech animation facility, high-tech gaming facility and a cafeteria.
The much-awaited film city project was awarded to Parsvnath on March 1, 2007, and has been mired in various controversies since then.
The agreement for the project was signed on March 1, 2007, and a special subsidiary -- Parsvnath Film City Ltd -- was also floated for implementing the project. Also, the developers had paid Rs 47.75 crore to the UT administration and according to the agreement, the balance amount was to be paid within 90 days of the signing of the agreement. Besides, the site was required to be developed within 36 months. However, Parsvnath officials could not be reached for comment.
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