BPTP bags Asia’s biggest real estate deal

March 11th, 2008 - 10:50 pm ICT by admin  

(Lead)

New Delhi, March 11 (IANS) Noida seems to have beaten Mumbai on land prices. In what is being described as Asia’s biggest land auction, a piece of 95 acres of land in Noida has gone for a whopping Rs.50 billion. The Business Park Town Planners (BPTP) made the winning bid for the commercial land in Sector 94 of Noida, the Capital’s suburban area in Uttar Pradesh.

BPTP Group was one of the bidders for the complex along with three other real estate developers - DLF, Omaxe and Ansal Properties and Infrastructure.

Omaxe quoted Rs.80,100 per sq. metre, DLF quoted Rs.117,000 per sq. metre, and BPTP Group won the bid with a quote of Rs.130,207 per sq. metre. The reserve price for the bid was Rs.77,000 per sq. metre. Ansal Properties was disqualified in the technical bid.

According to sources, the commercial land in Noida’s Sector 94 will be used for developing cineplexes, shopping malls and office buildings.

However, other developers do not feel that it is such an expensive deal.

“I do not feel it is a very expensive deal. Even Rs.200 billion would not have been enough. This is Asia’s biggest land deal,” said Vipin Agarwal, executive director, Omaxe.

“Noida today is one of the fastest growing property markets. And land at a prime location, next to Kalindi Kunj is worth the money. As the company has to pay the money in 10 years so it is a fair deal,” he said.

“This deal just signifies the booming real estate in India. The Indian real estate is on an all time high and Noida is also getting its share of land deals,” said Kunal Banerjee, head corporate communication, API.

“Also with the airport coming up, the expressway, and all the infrastructure development happening in the backdrop of the common wealth games to be held here, Noida and Greater Noida are sought after real estate destination.

“In fact the developers like Utopia and Parsvnath, are already coming up with their projects. I do not think that it was a very expensive deal. It is worth it and in the two to three years, they can reap good benefits,” he said.

BPTP Ltd. is engaged in developing various projects mainly in & around the national capital region (NCR). The company is developing integrated township, residential, IT/ITES, IT-SEZ, retail and hospitality in the NCR.

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