Biggest Real Estate Deal in Indian History

March 12, 2008	(2 votes, average: 4.5 out of 5)  Loading ...
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It became the biggest deal in the history of real estate industry of India. Real estate developers BPTP Builders was in the headlines on Tuesday when it bid Rs 5,006 crores to develop 95 acres of prime commercial land at the New Okhla Industrial Development Authority (Noida) on the outskirts of Delhi.

The real estate developers who were in the fray for this prime piece of land were BPTP Group, DLF, Omaxe and Ansal’s API. However Ansal’s bid was rejected on technical reasons. Omaxe had quoted Rs 80,100 per sq. mt while DLF had quoted Rs 117,000 per sq. mt. BPTP Group won with a quote of Rs 130, 207 per sq. mt. The reserve price for the bid was Rs 77,000 per sq. mt.

Mr. Yash Pal Singh, chairman of the bids evaluation committee, Noida said “we opened the bids and BPTP emerged the highest bidder with Rs 1,30,207 per sq. mt against the reserve price of Rs 77,000 per sq. mt. We will offer the land to them very soon”. He also added “After evaluating the price offered by BPTP’s bid amount, the entire land has now been valued at over Rs 5,000 crores against the reserve price of about Rs 3,000 crores. Noida had invited bids for the land at Sector 94 on February 1. Four real estate developers — DLF, Ansal API, Omaxe and BPTP — had bid for the same,”

BPTP managing director Kabul Chawla indeed was a happy man after bagging the largest land deal in the country. He said, “We are very happy at winning the bid. Now we will start the construction work in six to nine months.” He added the company would invest about Rs 3,000 crores in developing office and retail space, hotels and service apartments, “It will be a mix of debt and equity,” he said. When asked about any possible partners for the project, Mr. Chawla said, “We can have some synergy partners in the future. But nothing has been finalized yet.”

News Published Under:   Real Estate India |

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