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News & Views on Indian Real Estate

Wednesday, July 16, 2008

Hotmale, Sabeer Bhatia to get a Partner

The Nano City project of the Hotmail man, Sabeer Bhatia will soon partner in Parsvnath Developers. The final decisions are yet to be taken about handing over 30-38% equity stake in the project to Parsvnath Developers. The project which is proposed to come up in Raipur Rani in Haryana, will be spread over 11, 000 acres with about 23 villages falling under it purview. The company plans to acquire about 5000 acres in the first phase over a period of 1.5 years with an investment of Rs 1, 500 crore. It is expected that the project will attract world-class companies involved in the creation of Intellectual Property. It is being viewed as a future hub for companies operating in areas such as Software Development, Nano Sciences, Next Generation Drug Discovery, Bio-Technology, Energy Research and Semiconductor Research.

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