The famed Nano City project of Hotmail man Sabeer Bhatia, is all set to get a partner soon and that will be realtor Parsvnath Developers. As Sabeer arrives in India on July 10, final decisions will be taken about handing over 30-38% equity stake in the project to Parsvnath Developers.
A senior official of Nanocity Developers told FE, “Since Sabeer is arriving on July 10, final discussions about the deal will be held for 2-3 days. It will be decided only by the end of this week when to announce the pact. We are mulling over handing equity stake anywhere between 30-38% and negotiations are on about giving the development rights to Parsvnath.”
Nano City, which is proposed to come up in Raipur Rani in Haryana will be spread over 11,000 acres with about 23 villages falling under its purview.
The company plans to acquire about 5,000 acres in the first phase over 1.5 years with an investment of about Rs 1,500 crore.
Officials from Parsvnath Developers confirmed that the talks are going on but the negotiations have not reached their final level. “We are discussing the commercial possibilities and then modalities will be worked out. Land acquisition will also be a part of the deal,” the official informed FE.
Nano City project had got all the approvals by September 2007 but there has been a huge delay in the land acquisition process. And now with the new partner coming in the process will have to be started again amidst high prices of real estate in the area. Nano city officials told that the master plan for the project is ready and we plan to have golf courses, educational institutions, and research development companies from across the globe, MNCs etc.
The project is expected to attract world-class companies involved in the creation of Intellectual Property. It is viewed as a future hub for the 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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India has “enormous potential in all its property investment categories”. Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com
That will be godd to be diversified the whole business of Parsavnath.Already the whole name is to be distributed over there at whole in the market.