Delhi-based Parsvnath Developers is planning to develop a state-of-the-art multimedia-cum-film city centre at Sarangpur, Chandigarh.

Once the project is through, Chandigarh will join the exclusive club of other film cities which include Mumbai Film City, Noida Film City and Ramoji Film City in Hyderabad amongst others.

The multimedia-cum-film city project, first of its kind, is estimated to cost around Rs 800 crore and will spread over 30 acres. It will have a film studio, a multimedia park, a multimedia entertainment centre and a multimedia college and research centre. The project will be completed within 36 months. Parsvnath Developers will pay a premium of Rs 191 crore for the land with a lease period of 99 years.

Parsvnath Film City, a subsidiary of Parsvnath Developers, will act as special purpose vehicle for implementing the project. The company plans to dilute equity on the subsidiary level and equity and plans to raise funds through internal accrual and selling of commercial spaces.

"We are working out other investments details. However, it would be too early to predict when we would break even," said Pradeep Jain, Chairman, Parsvnath Developers. Parsvanth has entered into an agreement with the Chandigarh Tourism Board for a private-public partnership. Chandigarh's scenic beauty, high tourist traffic and its proximity to Punjab, Haryana and Himachal Pradesh has prompted the Chandigarh Tourism Board to toy with the idea.

The Film City will be designed and developed as per international standards having a digital studio to facilitate film and television productions, post-production facilities for digital films, high-tech animation facility, high-tech gaming facility and a cafeteria. The multimedia park will provide ready-built space for technology companies working in the multimedia industry and would also facilitate setting up of own software/multimedia development centres for them.

The entertainment centre will consist of a minimum four-screen multiplex with a total seating capacity of 900, a 200 room hotel and service apartments and a commercial estate.

The multimedia college and research centre will have features like facility for multimedia studies, modern equipment for animations, various international standard devices and software for gaming, research centre etc. The college will deliver graduate and post graduate courses in multimedia for 750 students along with a hostel facility.

"We want to make it one-stop shop facilitator related to all media and film needs," said Jain.