Ranchi, April 5: Opposition from sports associations and residents of the city notwithstanding, Jaipal Singh Stadium would undergo a complete changeover within the next three years under a private-public partnership project.

Under the Rs 400 crore project, the stadium sprawling over 8.3 acres would be developed by Delhi-based Parsvnath Developers Limited. Besides a five-star hotel of the developer, a multiplex, residential colonies and markets would come up on the area.

The developer submitted Rs 67 crore with the Ranchi Municipal Corporation (RMC) yesterday as lease rent for the next 90 years.

“We have planned to invest Rs 400 crore in the next three years whereby projects like a five-star hotel (with banquet hall capacity for 1,000), multiplex (with 1,000 seating capacity), residential colony and markets will be built. A rehabilitation market worth about Rs 5 crore will be handed over to RMC, too,” said Pawan Gupta, the chief operating officer (eastern India) of Parsvnath Developers Limited.

Gupta held a discussion on the matter with RMC administrator Vinay Kumar Choubey and representatives of IL&FS, which is acting as the project development advisor.

Choubey told The Telegraph that RMC would soon be signing an agreement with the developer for the lease deed. Sources said a “fund-starved” RMC, which earns around Rs 10 crore per annum against holding and water taxes, has to be a financially self-sustained entity by 2010-11, the deadline by which the government is expected to stop allocation of funds to it on establishment costs.

Besides, as per official calculation, the corporation would require Rs 23 crore to maintain “increased” civic services from 2007-08 fiscal and that is slated to increase every fiscal “if RMC wants to upgrade civic services”.

The project had been protested against by many, including the human resource development and sports minister Bandhu Tirkey.

“It is an effort to erase the name of Jaipal Singh, a local tribal icon who was in the Indian hockey team,” said a sports association head while reacting to the development plan.