HSIIDC has asked the Sabeer Bhatia Group (promoter of nanocity) to submit the revised plans of the proposed project by the end of November. Failing to do so would have increased the probability of the project being scrapped.
Sources in HSIIDC told FE that the developer has asked to hold a meeting to discuss the final plans of nanocity, which is proposed to come up at Raipur Rani in Panchkula district. Also, the developer has proposed to curtail the size of Nano City to less than one-fifth of what was originally planned. The developer has asked for a meeting but we have forwarded the project to the state government and its the their call now how to proceed further with the project. We have played our part and now the chief minister will decide the fate of the nanocity, said a senior level HSIIDC official.
Sources said the project which was to come up over 11,000 acre covering 23 villages but now the area is expected to be less than 2,000 acre. HSIIDC served notice to the promoter as even after signing the MoU for the project in June 2006, the Sabeer Bhatia Group failed to acquire any land till date.
On the other hand the developer has drafted a revised plan for the project which will be discussed at length with the state government. However the officials of the SPV floated for the project refused to comment about the current status of the project.
The project has been running slow since it was announced as the promoter could not convince the farmers to part with their land at prices decided by it.
A foreign partner was also to be roped in by the promoter but a decision to this effect is still pending. Also in July 2008, the promoter of nanocity had offloaded 38% equity stake to Parsvnath Developers that had planned to invest Rs 400 crore as equity and debt in the project. But it is learnt that the deal may also be scrapped soon.