Failing to kick-start its ambitious Rs 1,850 crore Nanocity project -building a sustainable city with world-class infrastructure - in Haryana's Panchkula district, Hotmail founder Sabeer Bhatia's company Nanocity Developers Pvt Ltd has initiated talks with private property developers to bail out the project. Confirming the company has finalised Parsvnath Developers for the venture, Naval Bhatia, director of Nanocity Developers, said that no decision has been taken on Parsvnath's equity stake in the project, but that the details should be worked out next month when Sabeer Bhatia will visit India to help push along the negotiations. However, Parsvnath seems to be treading with caution, as any such development has to be listed with the Securities and Exchange Board of India (SEBI). Though it confirmed a tie-up with Nanocity, its officials refused to divulge any details. Surprisingly, Parsvnath claimed to be unaware about whether any land out of the 11,000 acres proposed to be part of Nanocity have been acquired by Bhatia's company. Nonetheless, Naval Bhatia said that they are verifying sales deeds for about 500 acres of land bought by them in Panchkula for the project. Besides the issue of land, Bhatia's strategy of trying to hype his ongoing negotiations with builders to get the best deal may spell trouble for the talks, reveal sources in Parsvnath. Nanocity Developers holds 90 per cent equity in the project while the remaining 10 per cent is held by the Haryana State Industrial Development Corporation (HSIIDC).