Sabeer Bhatia's IT Project In Trouble

Published: March 24, 2009 at 12:33 PM | Author: Administrator
News Source: 20 March 2009 - Indian Realty News

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Parsvnath and Hotmail co-founder Mr. Sabeer Bhatia's proposed 11,000 acre IT hub called the Nano City at Naraingarh in Panchkula district in Haryana has been hit by the slowdown. According to sources, Mr. Bhatia's partner Delhi-based real estate player Parsvnath Developers may pull out of the project, but the developer has denied any such plans. As per sources in Haryana Government, Parsvnath has hinted towards pulling out of the project, which is expected to be worth Rs 50,000 crore. While Mr. Sabeer Bhatia owns the majority 52 per cent in the IT project, the real estate major holds 38 per cent and the state government is its 10 per cent partner. It is more of a blame game as Parsvnath says state government has failed to give contiguous land while government officials say they were to provide 25 per cent of the total land and that too, after Parsvnath had acquired its share of land.