Prideasia project stands stalled

Prideasia has also been included in the list of ‘controversial’ mega projects,the conceptualisation and allotment of which is already being probed by the CVC. The other projects being probed by the commission include Filmcity,amusement-cum-theme park and Medicity.

In a confidential communication sent to Chief Vigilance Officer Ram Niwas on Monday,the CVC has asked the Administration to seal all records pertaining to Prideasia and send it to the commission.

Niwas,who is also the UT Home Secretary,said: “We have sent all the files pertaining to the project to the CVC.”

Spread over 123 acres as an integral part of the Rajiv Gandhi Chandigarh Technology Park,Prideasia is a joint venture between real-estate giant Parsvnath and the Chandigarh Housing Board (CHB). The project has a saleable residential area of 38.5 lakh square feet,a commercial area of 2.7 lakh square feet besides a club,sports centre and a water sports complex across 2 lakh square feet.

The CHB has already ‘freezed’ the Escrow account of the project. According to the CHB officials,the developer owes the board Rs 304 crore out of the total Rs 821.21 crore. Other reasons for ‘freezing’ the account were the global meltdown and rift between the Chandigarh Administration and the developer over the Filmcity project,which is already being probed by the CVC.

The Prideasia was already in doldrums,not only because of the numerous objections raised by the Chandigarh Administration but also the inadequate sale of dwelling units.

Sources said the developer and the CHB could barely manage selling 10-15 per cent of the total 1,314 dwelling units till last year. Of the total sold units,around 40-50 investors have already applied for withdrawal of their deposits.

The project also made headlines initially for exorbitant prices (one-room apartment for over Rs 52 lakh; two to five-bedroom apartments between Rs 1 crore and Rs 3.5 crore and villas for over Rs 6 crore).