Delhi-Based real estate firm BPTP has bagged the country's largest land deal worth Rs 5,006 crore. In a fiercely fought bidding war, BPTP beat the country's largest real estate firm DLF to win the 95-acre plot in Noida's sector 94.
The consortium comprising BPTP and its three subsidiaries offered Rs 1,30,207 per sq metre, compared to DLF's Rs 1,17,000 per sq metre and Omaxe's Rs 80,000 per sq metre. The fourth bidder, Ansal API, didn't meet the technical criteria.
The BPTP deal leaves other bigticket land transactions in the country far behind in absolute terms, but is not the most expensive. Last year, Wadhawan Group won the bid for a 7,107 sq metre commercial plot at the Bandra-Kurla Complex (BKC) in Mumbai at Rs 5.04 lakh per sq metre.
The other big deals include Adani's Rs 2,250-crore deal with HDIL in BKC, DLF's Rs 1,675-crore acquisition of DCM Shriram's property in Delhi, Unitech's Rs 1,586-crore deal in Noida and DLF's Rs 702-crore purchase of NTC Mills land in Mumbai.
The deal is being seen as a major leap for BPTP, a closely-held firm promoted by Kabul Chawla. The company, which sold 5% stake to Citigroup last year for an undisclosed sum, expects to close the current financial year with a revenue of Rs 1,200 crore and net profit of Rs 400 crore. BPTP was too aggressive
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