Parsvnath Developers Limited (PDL), India’s leading company in real estate and infrastructure space has announced an association with Mr. Sabeer Bhatia and HSIIDC jointly promoted Nano City Haryana Limited to develop a knowledge city spread over an area of 11,000 acres in Panchkula near Chandigarh. The city named as “Parsvnath Nano city” is envisaged to sustain modern lifestyle and will have world-class infrastructure.

It is a public-private partnership project, in which Haryana Government through HSIIDC will have 10% equity stake, Parsvnath Developers Limited will have 38% equity stake and the remaining 52% will be with Sabeer Bhatia promoted group. Parsvnath Developers Limited will be making an investment of Rs 400 crore (US$ 100 million) as equity and debt in the project, which is valued at Rs 50,000 crore (US$ 12 billion). The project is modeled on Silicon Valley and will come up in two phases. In the first phase, the company will develop about 5,000 acres whereas the remaining 6,000 acres will be developed in the second phase. The entire knowledge city will be completed in ten years.

The project, which is fully approved by Haryana Government, is in Panchkula near Chandigarh, and just over 200 kms north of Delhi. Two seasonal rivers form the eastern and western borders of the city, and two streams trickle within its boundaries. It is well connected by National highway- 73 (NH-73) and State highway-1 (SW-1).

Commenting on the association, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said, “Parsvnath is keen on innovation. It is therefore natural that Parsvnath Developers joined hands with the State Government and Sabeer Bhatia on this mega-nano city project, a future Silicon Valley of India – knowledge city. It has always been our endeavor to provide world-class infrastructure and lifestyle to our customers. Nano City will be an outcome of such an effort. We believe that Nanocity will lead the Economy of the nation on a path of innovation. With large investments happening in Nano city, it will create massive employment opportunities for all categories of people of the region. I am proud to associate with Mr. Sabeer Bhatia and I am confident that our strengths coupled with the vision of Nano City will create a landmark in Indian infrastructure space”.

“Adding buildings, housing complexes, shopping malls and integrated townships etc. in the existing cities and towns of India is not a solution for development of Indian cities today, India requires well planned cities. Over the years, Parsvnath has realized that the solution of providing quality life to modern population lies in developing planned cities instead of patchwork, which is being done today. In order to reinforce our vision of “Creating a New India” and touching new frontiers of development, we are developing Parsvnath Nano city. PDL strives to make a significant difference to Indian lifestyle through its world-class developments. Our presence here is aligned towards making a significant difference to the real estate sector through the development of best in its class structures of such quality, size, scale and magnitude. This prestigious project will not only validate the investment and business environment of the region, but also firmly establish the region as an international investment destination”, Mr. Jain added.

As a future strategy, company will be forming specific area based SPVs to develop specific areas like bio-technology parks, hospitals, universities, schools etc for the knowledge city and is confident of attracting good investments across the globe.

Commenting on his association with Parsvnath Developers, Mr. Sabeer Bhatia, said, “We are very excited. This is an ambitious project. India lacks large, planned commercial & residential districts with modern concepts and quality facilities. We will make Nano City a world-class destination. I am proud to be associated with Parsvnath Developers, who have strengths in providing great quality in record time. I am sure that joining Parsvnath’s capabilities in project execution and our vision will create a benchmark in India’s infrastructure story”.

“Growth in and around Chandigarh has been tremendous in the past decade. We are very enthusiastic about this opportunity and look forward to working with PDL and HSIIDC to create an outstanding city to live, work, shop and play in. We have three major goals for the Nano City: To re-create the Silicon Valley, create state-of-the-art infrastructure, and do all this in a fashion that is self-sustainable and consumes the least amount of natural resources”, added Mr. Bhatia.

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• Parsvnath, ITC signs agreement to develop 50 hotels
• Parsvnath Developers net profit up 45.23%
• Parsvnath launches Parsvnath Residency in Moradabad
• Parsvnath bags contract worth Rs 125cr
• Parsvnath ties up with 2 Saffron Grp funds