INDIA BUSINESS WORLD - March 16^th - March 31^st - 2008

REAL ESTATE FIRM BPTP BAGS COUNTRY’S LARGEST LAND DEAL, OUTBIDS DLF & OMAXE

Delhi-based real estate firm BPTP has bagged the country’s largest land deal worth Rs 5,006 crore, beating India’s largest real estate firm DLF. Kabul Chawla-promoted BPTP won the bid for the 95-acre plot in Noida’s sector 94. While BPTP and its three subsidiaries offered Rs 1.3 lakh per sq metre, DLF offered Rs 1.17 lakh per sq metre and Omaxe, Rs 80,000 per sq metre. The fourth bidder, Ansal API, didn’t meet the technical criteria. Though the deal is big in absolute terms, it’s not the most expensive. Last year, Wadhawan Group won the bid for a 7,107 sq metre commercial plot at the Bandra-Kurla Complex (Mumbai) at Rs 5.04 lakh per sq metre. BPTP will fund the acquisition purely through internal accruals.