Sabeer Bhatia's Nano City Project Finds Partner in Parsvnath Developers
Hotmail creator Sabeer Bhatia's ambitious Nano City project is poised to welcome realtor Parsvnath Developers as a partner. With Bhatia's arrival in India on July 10, final decisions regarding a 30-38% equity stake transfer to Parsvnath Developers are expected.
A senior Nanocity Developers official revealed, “Since Sabeer is arriving on July 10, final discussions about the deal will be held for 2-3 days. It will be decided only by the end of this week when to announce the pact. We are mulling over handing equity stake anywhere between 30-38% and negotiations are on about giving the development rights to Parsvnath.”
Project Details: A Massive Undertaking in Haryana
Planned for Raipur Rani, Haryana, Nano City will sprawl across 11,000 acres, encompassing approximately 23 villages. The initial phase targets acquiring 5,000 acres over 1.5 years with an investment of around Rs 1,500 crore. Parsvnath Developers has confirmed ongoing discussions, stating, “We are discussing the commercial possibilities and then modalities will be worked out. Land acquisition will also be a part of the deal.”
Overcoming Delays and Navigating High Real Estate Prices
Although Nano City received all necessary approvals by September 2007, land acquisition has faced significant delays. This new partnership necessitates restarting the process amidst escalated real estate prices in the region. Nano City officials have stated that the project's master plan, which includes provisions for golf courses, educational institutions, and global research and development companies, is ready. They also plan to attract Multinational corporations.
Attracting Global Innovation and Intellectual Property
Nano City is envisioned as a global hub for intellectual property creation, attracting companies specializing in Software Development, Nano Sciences, Next-generation Drug Discovery, Bio-Technology, Energy Research, and Semiconductor Research.