Parsvnath Close to Deal for Nanocity

May 20, 2008	(Be the first to rate this story!)  Loading ...
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Parsvnath Developers, the Delhi-based real estate developer, may bag the development rights for one of India’s biggest infrastructure projects, the Rs 1,850-crore Nanocity, coming up at Panchkula near Chandigarh.

The project, spread over 11,138 acres, being jointly promoted by Hotmail founder Sabeer Bhatia and the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), is modeled on the Silicon Valley and will come up in two phases.

An official told ET that Mr. Bhatia’s Nanocity Haryana Infrastructure Limited (NHIL) is entering into a joint venture with Parsvnath Developers where the realtors may even be offered equity partnership. Currently, Mr. Bhatia holds 90% equity in NHIL while the rest is held by HSIIDC. It is learnt that the NHIL is in the advance stages to acquire around 500 acres for the project in district Panchkula, 20 km east of Chandigarh.

The knowledge city will deal in future technologies like nano-technology, biosciences, software product development, next generation Internet products, materials research and energy. As per the master plan prepared by the College of Environment Design, University of California, Berkeley, 50% of the total land will be earmarked as parks and open space. “The master plan that invoked wide admiration of professors and architects in Berkeley University has been introduced as a topic in a post graduate semester on new cities in the University,” according to a state official. The entire project will be split into four districts: IT, university, airport and biotech.

In November, 2006 Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and Nano Works Developers (P) Ltd had signed a joint venture agreement to set up city in Panchkula district. Earlier a joint working group set up by Haryana government has identified the picturesque site of for the project. As per plans an area of about 5,000 acres would be covered under the phase-I whereas as rest of the land is supposed to be utilized in the second phase. The city is envisaged to sustain modern lifestyle and would have world-class infrastructure aimed to give fillip to economy of the region.

News Published Under:   Real Estate India, Real Estate Developers |

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