it receives the parachute and is then slipped over another bottle that makes up the body of the rocket. The rubber band wraps around the outside of the chassis, holding those plastic tongues in place.

A Chinese Long March 2B rocket's booster was outfitted with a parachute for a launch. The system provides controlled landing ...

It sounds really easy: you put some water in a soda bottle ... you make something vaguely rocket-shaped with fins, it’ll probably work. Then you probably need a parachute release mechanism.