Realty estate major Parsvnath Developers has joined hands with Sabeer Bhatia, co-founder of Hotmail, to develop a 11,138 acres knowledge city near Chandigarh.

The project, which is fully approved by Haryana Government, is in Panchkula near Chandigarh, and Just over 200 kms north of Delhi. The city named as "Parsvnath Nanocity" is envisaged to sustain modern lifestyle and will have world- class infrastructure.

In this public-private partnership project, which is valued at Rs 5000 crore, the Haryana government will hold 10% equity stake, Parsvnath developers will have 38% and the balance 52% stake will be held by Sabeer Bhatia promoted group.

The developer plans to raise funds for the project through a mix of debt and an IPO within 18-24 month for completing the project.

The project is scheduled to be completed in two phases over the next 10 years, where the Parsvnath plans to develop 5,000 acres in the first phase.
The company has already acquired about 1,500 acres and presently in talks with various land owners for acquiring the rest.