Parsvnath and Sabeer Bhatia Unveil Ambitious Knowledge City Project
Partnership Details
On July 15th, renowned real estate developer Parsvnath entered into a strategic partnership with Sabeer Bhatia, the visionary co-founder of Hotmail, to bring to life a monumental knowledge city project in Haryana, valued at a staggering Rs 50,000 crore.
Project Overview: Parsvnath Nano City
- Location: The futuristic Parsvnath Nano City will be situated in Panchkula, in close proximity to Chandigarh.
- Investment: Parsvnath Developers (PDL) will contribute approximately Rs 400 crore to the project, comprising both equity and debt.
- Ownership Structure:
- Haryana Government: 10% equity stake
- Parsvnath Developers: 38% equity stake
- Sabeer Bhatia Promoted Group: 52% equity stake
Project Scope and Timeline
- Land Allocation: Spanning across 1,000 acres of land, meticulously designed to mirror the success of Silicon Valley.
- Phased Development:
- First Phase: Development of 5,000 acres, marking the initial milestone.
- Second Phase: Completion of the remaining acreage, ensuring holistic project fulfillment.
- Projected Completion Timeframe: 10 years, underscoring the partners' long-term commitment to this visionary endeavor.
As stated by Pradeep Jain, Chairman of Parsvnath Developers (PDL), this public-private partnership embodies the collaborative spirit necessary for pioneering initiatives of this magnitude.