Parsvanath picks up 38% stake in Rs 50,000 cr Nano City project

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New Delhi, Jul 16 (UNI) Modelled on Silicon Valley, Parsvanath Developers today announced a Rs 50,000 crore project 'Nano City', to be built in Punchkula near Chandigarh, and will be jointly developed by the real estate developer, Hotmail founder Sabeer Bhatia and Haryana Government.

''The project, spread over 11,138 acres, will see Parsvnath infusing Rs 400 crore through equity and debt,'' company Chairman Pradeep Jain told reporters here.

Parsvnath has picked up a 38 per cent stake in the project-- Nano City Haryana Infrastructure Ltd, while Sabeer Bhatia Group will own 52 per cent with the rest being held by Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC).

The project will be developed in two phases over a period of 10 years. Under the first phase, 5,000 acres of land will be developed.

The City, having four districts-- IT, University, Airport and Biotech district, will be equipped with BRT corridors, Tramways, multi-storeyed parking levels and an 18-hole golf course among others.

''It will have its own water supply. We will use ground water and employ water harvesting and recycling processes. For energy, we will look at getting energy through neighbouring states, captive power and alternate sources like solar energy. The City will make the best use of technology,'' Mr Bhatia said.

The project will also look at getting listed on the stock exchanges. ''That will happen in the next 18-24 months and will be determined on the basis of market sentiments,'' Mr Jain said.

UNI SR SG DS1515

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