The Hindu Business Line : BPTP pays Rs 1,000 cr in Noida land deal

New Delhi, June 9 Almost three months after it clinched 95 acres of prime commercial land at Noida for Rs 5,006 crore, real estate company BPTP has made payment of Rs 1,000 crore to Noida Authority towards the first instalment of the deal.

According to market sources, of the first instalment amount of Rs 1,250 crore, BPTP has paid Rs 1,000 crore raised from private equity funding and internal accruals, and expects to make the balance payment by July 12. Earlier this year, the BPTP Group had bagged the land at Noida after it outbid DLF, Omaxe, and Ansal Properties and Infrastructure Ltd. The company plans to build a commercial destination that would have offices, hotel and retail space. BPTP quoted Rs 1.30 lakh/sq m against the reserve price of Rs 77,000/sq m.

Announcing the deal in March 2008, Mr Kabul Chawla, Managing Director, BPTP, had said that the company would be required to pay about 25 per cent upfront, and the balance over the next eight years. The company would also to have shell out 11 per cent towards lease rental and 8 per cent towards stamp duty. “The upfront payment had to be made either in the first 30-days without interest or the next 90 days with interest. BPTP’s deadline for payment expires on July 12,” said sources.

The Noida deal marked the largest realty deal in India by its sheer overall value. Earlier, in 2006, Unitech bagged the 340-acre city development contract in Noida for Rs 1,583 crore. Other landmark deals included DLF buying prime Swatantra Bharat Mills land in Delhi from DSCL for Rs 1,675 crore in 2007; Unitech bagging 1,750-acre plot in Vishakhapatnam for Rs 3,228 crore in 2007; sale by Mumbai Metropolitan Region Development Authority of nearly 75,350 sq m of land in Bandra-Kurla Complex (BKC) for Rs 2,798 crore in 2007.

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