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BPTP surrenders Noida land deal

Realty player BPTP Ltd has applied for surrendering a Rs 5,006-crore land deal,the biggest ever in the country,to New Okhla Industrial Development Authority....

Written by ENS Economic Bureau | New Delhi |
February 5, 2009 11:50:07 pm

Realty player BPTP Ltd has applied for surrendering a Rs 5,006-crore land deal,the biggest ever in the country,to New Okhla Industrial Development Authority (Noida) as it is unable to make the complete payment.

“Following the UP government policy announcement,BPTP has made an application to the Noida authority for the surrender of the plot and are awaiting Noida’s decision,” said BPTP director Sudhanshu Tripathi. The application was made after the UP government,in its new policy,announced various options to developers for rescheduling their payment plans and seeking a moratorium. The policy also allowed developers to surrender the plot after paying a penalty of 10 per cent of the amount that it had deposited to the authority. Companies will not be returned the balance money,but will be offered land for the amount left after paying the penalty.

BPTP has already paid Rs 1,300 crore as payment for the land and has applied for retaining 25 per cent of the land that it has paid for. “We were unable to pay the rest and had applied last month to the authority for surrendering about 75 per cent of the 95-acre plot,” said a spokesperson for BPTP.

BPTP had bagged the 95-acre commercial plot in Sector 94,Noida,beating rivals including DLF Ltd,in 2008. It planned to invest over Rs 3,000 crore to build a ‘commercial city’ comprising offices,retail areas,hotels and service apartments with a total saleable area of 10 million square feet. It was required to pay 25 per cent of the land cost after winning the bid. The Delhi-based company had emerged as the highest bidder with Rs 1,30,207 per sq metre against the reserve price of Rs 77,000 per sq metre.

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