Citi Property Investors (CPI), the investment arm of Citibank is planning to invest a whopping $160 million in real estate firm BPTP Ltd. According to industry sources, the investment is targeted towards the company?s four SEZs coming up in the national capital region (NCR) at Noida, Greater Noida, Faridabad, and Gurgaon. BPTP is planning to develop around 6 million sqft in the first phase. The proposed SEZs would be spread across an area of 206 acre.
A few months ago, the BPTP group had received the formal sanction from the Board of Approvals, ministry of commerce to setup four IT and IT-enabled SEZs in Noida, Greater Noida, Faridabad and Gurgaon. These zones are supposed to be located in Sector 140 A of Noida, Sector KP-V of Greater Noida, Sector 81 of Faridabad, Sector 102 of Gurgaon. The estimated land area in Noida would be 25 acre, 100 acre in Greater Noida, 54 acre in Faridabad, 27 acre in Gurgaon. The total investment of CPI has been approximately Rs 322.50 crore ($80 million) in order to acquire an equity stake of around 5.89% in the company.
Recently. the BPTP group pipped real estate giants like DLF and the Ansals, to win a bid for a 95-acre commercial plot for Rs 5,006 crore from the Noida authority, which is one of the biggest land deals in the country so far.
BPTP group has various projects that includes commercial, residential, IT Parks as well as SEZs across the NCR. Currently, the company is involved in developing its new township ?Parklands? in Faridabad. It is spread over 1,500 acre and is among the biggest ventures in the real estate sector. Apart from this, there are several other projects that are under the banner of the CPI, which include residential projects, IT parks, SEZ projects in the NCR region and Hyderabad.
