Detailed Explanation:

The Central Vista Project is an ambitious redevelopment initiative in New Delhi encompassing the construction of a new Parliament building, residences for the Prime Minister and Vice President, and a common Central Secretariat to replace scattered ministerial offices.

Options 1, 3, and 4 incorrectly describe IT parks, commercial areas, or residences for all ministers—none of which align with the project's core objective of modernizing India's central administrative infrastructure.

Therefore, Option 2 accurately describes the Central Vista Project, making it the correct answer.