As belts are tightened and spending squeezed, Hotmail co-founder Sabeer Bhatia is facing severe delays in the construction of his proposed 11,000 acre IT hub, known as Nano City. There is even a possibility that it may not be completed. If completed, the Rs500 billion development will be located at Naraingarh in Panchkula district in Haryana.
The project is a public-private partnership between the Haryana state government, the Sabeer Bhatia Group and Delhi-based real estate developer Parsvnath. Bhatia owns a 52% stake in the proposed project, while Parvsnath has a 38% stake. The remaining 10% is owned by the state government.
According to NDTV, the state government has hinted that Parsvnath may be planning to abandon the project. In a statement, the developer denied any such plans, saying: “Parsvnath Developers Limited has no intentions of pulling out of the prestigious Nano City Project.”
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