BPTP signs a deal for Rs. 1237 crores
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As per to the source saying at the www.propertykhazana.com Delhi origin BPTP has reportedly signed the deal in Noida and has made the advance/part payment of Rs. 955 Crores. It is heard that the deal was for Rs. 1237 crores.
Company was in the procedure of increasing more funds to pay the leftover Rs. 282 Crores in a month time. Final limit to deposit the initial installment is July 12th. BPTP has grabbed the Noida venture for Rs. 5,006 Crores in March, outbidding bigger competitors DLF, Omaxe and Ansal. Rs. 955 Crores is sourced through PE contract and internal accrual comprises Rs. 100 Crores deposited by the firm as earnest money with the Noida authority.
It is also added by the source at the www.propertykhazana.com that BPTP had USD 160 Million through share auction in its four SEZs. Company has brought in UK’s leading architectural firm Foster as Partners for the venture and it has lined in Atkins Intelligence for traffic Management, DOSADOS for landscape and Burohappold fro services and utility in the venture.
Kabul Chawla, BPTP MD, said to www.propertykhazana.com that, “Private Equity investment in the parent company was in the line to increase funds to pay for the leftover of the initial EMI. 95 acres Noida venture was on path, it will be one of the top commercial and retail place in the country. We are attempting to copy the top business and shopping destinations of the world like Canary Wharf of London, More London and Roppong Hills and Tokyo.”
BPTP is proposing to construct 45 commercial buildings, 2 Million Sq.ft of retail space and 2 hotels with 550 rooms at its Noida plot. The total cost of the construction will be about Rs. 3,500-4,000 Crores and total leasable area of 15 Lakhs Sq.ft in First Phase. Company is planning to complete the project in 3 years and 70 of the total 95 acres of the venture will be utilized for roads and greenery.
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