BPTP Group, a Delhi-based privately held developer, said the price it paid for the Noida property —- Rs 130,207 per square meter —- is reasonable and was thought through.
NEW DELHI: BPTP Group, a Delhi-based privately held developer, said the price it paid for the Noida property —- Rs 130,207 per square meter —- is reasonable and was thought through.
“We had decided on the amount well before, it was not a knee-jerk reaction to compete with other bidders (such as DLF). The location, infrastructure and connectivity makes it an ideal commercial place,” director Sudhanshu Tripathi told DNA Money on Wednesday.
BPTP on Tuesday won the rights to develop 94 acres of commercial land at Noida, in the National Capital Region, by outbidding the country’s largest realtor DLF Ltd, which offered Rs 1,17,000 per square metre, and Omaxe, which bid Rs 80,100 per square metre.
BPTP plans to create “the financial hub of north India” in the area, called Bank Street, which will include five-star luxury hotels and corporate offices.
Tripathy said upon completion, office rentals in Noida would be more than its arch rival city Gurgaon.
The construction cost for the financial city will be around Rs 3,000 crores and the total cost of the project is expected to be around Rs 9,000 crores.
BPTP also has 2,000 acres of land bank.
“We will have the building plans ready in the next 6-7 months,” Tripathi said.
The company, which does not have any “immediate” plans to go for projects in South India, said it is in talks with the UK-based renowed architects Foster and Partners and Germany’s Aedes for the project.
The office space in Sector 94, running along the Noida and Greater Noida Expressway, would cater to the needs of a commercial place of companies and will not include any IT parks or buildings.
“It is going to be 100% corporate offices and will not include any IT buildings or BPO call centers as they pay better rentals. There are no corporate offices in Noida, and with this deal, we plan to change that,” Tripathi said.
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