BPTP bags largest land deal for Rs 5006 cr
In a fiercely fought bidding war, BPTP beat the country’s largest real estate firm DLF to win the 95-acre plot in Noida's sector 94. In Video: India's biggest land deal in Noida
By TNN |
NEW DELHI: Delhi-based real estate firm BPTP has bagged the country���s largest land deal worth Rs 5,006 crore. In a fiercely fought bidding war, BPTP beat the country���s largest real estate firm DLF to win the 95-acre plot in Noida���s sector 94.
The consortium comprising BPTP and its three subsidiaries offered Rs 1,30,207 per sq metre, compared to DLF���s Rs 1,17,000 per sq metre and Omaxe���s Rs 80,000 per sq metre. The fourth bidder, Ansal API, didn���t meet the technical criteria.
The BPTP deal leaves other big-ticket land transactions in the country far behind in absolute terms, but is not the most expensive.
Last year, Wadhawan Group won the bid for a 7,107 sq metre commercial plot at the Bandra-Kurla Complex (BKC) in Mumbai at Rs 5.04 lakh per sq metre.
The consortium comprising BPTP and its three subsidiaries offered Rs 1,30,207 per sq metre, compared to DLF���s Rs 1,17,000 per sq metre and Omaxe���s Rs 80,000 per sq metre. The fourth bidder, Ansal API, didn���t meet the technical criteria.
The BPTP deal leaves other big-ticket land transactions in the country far behind in absolute terms, but is not the most expensive.
Last year, Wadhawan Group won the bid for a 7,107 sq metre commercial plot at the Bandra-Kurla Complex (BKC) in Mumbai at Rs 5.04 lakh per sq metre.
| | Also read |
| �� | |
| �� | |
| �� | |
| �� | |
| �� | |
| �� |
The other big deals include Adani���s Rs 2,250-crore deal with HDIL in BKC, DLF���s Rs 1,675-crore acquisition of DCM Shriram���s property in Delhi, Unitech���s Rs 1,586-crore deal in Noida and DLF���s Rs 702-crore purchase of NTC Mills land in Mumbai.
The deal is being seen as a major leap for BPTP, a closely-held firm promoted by Kabul Chawla. The company, which sold 5% stake to Citigroup last year for an undisclosed sum, expects to close the current financial year with a revenue of Rs 1,200 crore and net profit of Rs 400 crore.
BPTP director Sudhanshu Tripathi told ET the acquisition will be funded purely through internal accruals. It is a staggered payment, where BPTP will have to pay only 30% of the total amount now.
The company will pay the rest in 16 installments over eight years, along with an interest of 11% compounded annually on the due amount. The company may take on board strategic investors for the development of the project, Mr Tripathi said. BPTP, which has put off its IPO till market sentiment improves, is raising money through private equity.
The company will pay the rest in 16 installments over eight years, along with an interest of 11% compounded annually on the due amount. The company may take on board strategic investors for the development of the project, Mr Tripathi said. BPTP, which has put off its IPO till market sentiment improves, is raising money through private equity.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
