BPTP bags Rs 5,000 crore Noida land deal

SECOND BEST: Sources say DLF was the second highest bidder at Rs 1.17 lakh per square metre.

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Keywords: OMAXE, Noida Expressway

New Delhi: Delhi based BPTP has landed India's largest land deal.

In an auction by the Noida Authority on Tuesday, BPTP won 95 acres for Rs 5,006 crores. This works out to Rs 1.31 lakhs a square meter or Rs 52.60 crores an acre. BPTP will have to pay 25 per cent of this amount upfront and the company says the entire deal will be mainly funded by internal accruals.

Sources say DLF was the second highest bidder at Rs 1.17 lakh per square metre, while Omaxe bid Rs 80,000 per square metre.

This deal breaks the earlier records set by Unitech and DLF.

Unitech had paid Rs 1,582 crores to Noida Authority for 340 acres in 2006, while DLF shelled out Rs 1,670 crores for 38 acres in the capital, last year.

Experts say the plot bagged by BPTP is ideally located – on the Noida Expressway and close to the capital. Moreover, the removal of height restrictions makes the deal sweeter.

The plot has been auctioned for developing the country's largest financial district.

Sources say BPTP is open to private equity placements for this projects as well as partnering with international developers.

BPTP had planned to hit the market with an IPO in the beginning of the year but those plans were deferred on account of market volatility.

Citibank had picked up a 5.8 per cent stake for $100 million last year, valuing the firm at $1.7 billion. But since then, the realty index has declined by over 30 per cent.

With inputs from Nayantara Rai