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BPTP Makes Part Payment of Rs 955 cr for Noida Land
| June 10, 2008 |  (Be the first to rate this story!) Loading ... |
Delhi based realty firm BPTP has made a partial payment of Rs 955 crore towards the first instalment of Rs 1,237 crore for the Noida land deal, the largest in the country. The company said it was in the process of raising more funds to pay the balance Rs 282 crore in a month. The final deadline to deposit the first instalment is July 12. BPTP had bagged the Noida project for Rs 5,006 crore in March, outbidding larger rivals DLF, Omaxe and Ansal.
The Rs 955 crore - sourced through private equity deal and internal accruals - includes Rs 100 crore deposited by the firm as earnest money with the Noida authority. BPTP had recently raised $160 million (about Rs 640 crore) through stake sale in its four SEZs. BPTP managing director Kabul Chawla said a private equity investment in the parent company was in the pipeline to raise funds to pay for the balance of the first instalment.
Mr Chawla said the 95-acre Noida project was on track. “It will be one of the best commercial and retail locations in the country. We are trying to replicate the best business and shopping destinations of the world such as Canary Wharf of London, More London and Roppongi Hills, Tokyo,” he said. The company plans to build 45 office buildings, 2 million sq ft of retail space and two hotels with a combined capacity of 550 rooms at its Noida site. The total cost of construction for the project will be around Rs 3,500-4,000 crore. A total of 15 lakh sq ft of office space and a hotel will be built in the first phase, likely to be completed in three years. Seventy of the total 95 acre of the project will be used for roads and greenery.
The company has hired UK’s leading architectural firm Foster + Partners for the project. It has also roped in Atkins Intelligence for traffic management, dosAdos for landscape and Burohappold for services and utility in the project.
News Published Under: Real Estate India, Noida |
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