Sabeer Bhatia, founder of hotmail, may give some concrete shape to his proposed Nano City project, to be set up near Panchkula in Haryana, on June 9, when he visits India to finalise equity structure with real-estate player Parsvnath Developers.
According to sources, Parsvnath is likely to buy 30 per cent stake for Rs 555 crore in the high-profile Nano City project, The project cost is pegged at Rs 1,850 crore. However, officials from Parsvnath refused to comment on the development.
Sabeer Bhatia, chairman, Nano Work Developers, holds 90 per cent stake in the Nano City project, a joint venture of Nano Work Developers with Haryana State Industrial Development Corporation (HSIIDC), and rest is lying with HSIIDC.
The much-hyped project will be set up near Panchkula in an area over 11,000 acres. The land acquisition for the project would be done in two phases.
In the first phase, 5000 acres of land would be purchased and the remaining would be purchased in the second phase.
Meanwhile, sources said that the company was eyeing to purchase 1,000 acres of land by the current financial year-end.
The sources also said that the company has not given any development rights to private builders as of now, and it is planning to float tenders for issuing the development rights, once the land purchase is over.
Source: Business Standard