Parsvanath to invest 400 cr in Nano City project

New Delhi, Jul 16: Parsvanath Developers, a city-based real estate developer, today said it will invest Rs 400 crore in a Rs 50,000 crore project, which will developed through public-private partnership.

''The project-- Nano City Haryana Infrastructure Ltd will be jointly developed by Parsvanath, Hotmail founder Sabeer Bhatia and Haryana Government,'' Parsvanath Developers Chairman Pradeep Jain told reporters here. Modelled on Silicon Valley, the project's 52 per cent stake will be owned by the Hotmail Founder, 38 per cent by the real estate developer and the rest by Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC).

Under the project, a city-- Parsvanath Nano City will be developed at Panchkula near Chandigarh in two phases within a period of ten years.

While the 5,000 acres land will be developed in the first phase, the rest portion will be done in the second phase.

UNI