new Indian record

Delhi based real estate developer BPTP set a new Indian record during a mega-auction when they won a 95-acre plot. Their bid for the plot was INR 5006 crores (which roughly translates to USD 1.2 billion).

Although much talk has been said and printed about the India economy and property market cooling, property developer BPTP set an all time high record for the largest land deal ever completed in the country in regards to total value of the bid and not the price paid per square meter.

The firm won the development rights to 94 acres of commercial land in the quickly growing neighbourhood of Noida, in a portion of the national capital region. The final amount was announced to be Rs 5,006 crore.

While this is not the highest amount ever paid for on a per square meter basis, several deals in the months prior led up to this landmark agreement by BPTP.

Last August, 38 acres of Rs 1,675 crore were acquired by DLF when it entered an agreement with DCM Shriram Consolidated & Lohias Group. A 16,521 square meter plot was auctioned last November by the Mumbai Metropolitan Region Development Authority at Bandra Kurla Complex and the Wadhwa group, and a Mumbai-based firm bid Rs 5 lakh per sequare meter. The plot was in the secondary business district of Mumbai.

Managing Director of BPTP Kabul Chawla stated, "We are delighted to have won this important bid. BPTP will explore more such possibilities as and when they arise. We will make this commercial complex a world-class destination." The company is also in talks with the renowned architect of Norman Foster for hotels, commercial complexes and financial hubs.

It is yet to be seen exactly how the surrounding area will develop and whether or not prices will continue increasing. Although many investors continue to seek out opportunities in the region, their availability is becoming increasingly sparse. BPTP has other developments throughout the area including a 30 acre plot they recently purchased in Hyderabad and other real estate interests near Faridabad.

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