Developer co pips giants for Noida plot deal

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New Delhi, Mar 11: Real estate developer BPTP Group on Tuesday pipped giants, including DLF and the Ansal group, to win a bid for a 95-acre commercial plot for Rs 5,006 crore from the New Okhla Industrial Development Authority (Noida), which is one of the biggest land deals in the country so far.

So far the other big deals in the real estate includes Unitech's Rs 1,568-crore Noida Expressway deal, Reliance Industries Rs, 1,100-crore Bandra-Kurla deal and DLF’s Rs 702-crore deal for the National Textile Corporation (NTC) mill land.

“Today we opened the bids and BPTP has emerged as the highest bidder with Rs 1,30,207 per sqmt against the reserve price of Rs 77,000 per sq mt. We will offer the land to them very soon," Yash Pal Singh, chairman, Bids Evaluation Committee (Noida), said.

He added that the entire land has now been valued at over Rs 5,000 crore against the reserve price of about Rs 3,000 crore.

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. While, Ansal was not qualified in the technical bid, DLF and Omaxe bid for the land with Rs 1,17,000 per sq mt and Rs 80,100 per sq mt respectively.

"We are very happy at winning the bid. Now we will start the construction work in six to nine months," Kabul Chawla, managing director, BPTP said.

He added that BPTP was in talks with the renowned architects of the world like Norman Foster for hotels, commercial complexes and financial hubs.

The company is mulling to invest about Rs 3,000 crore to develop office, retail, hotels and service apartments.While, the investment amount would be a mix of debt and equity, the company is also looking at possible partners in developing the project.

"We can have some synergy partners in the future. But nothing has been finalised yet," Chawla said.

The 94-acre commercial complex, along the Noida and Greater Noida Expressway, will cater to the shoppers living along or commuting via the expressway. It will have a total covered area of 25%, with a floor area ratio of 2.0.

The Noida authorities had appointed Uttar Pradesh Industrial Consultants (UPICO) for finalising the developers, the company said.