After the cancellation of India’s most expensive land deal, the Noida Authority is looking to auction that land to developers in parcels.
After the cancellation of India’s most expensive land deal, the Noida Authority is looking to auction that land to developers in parcels.
BPTP Group, the Delhi-based real estate developer, had backed out of deal to acquire 94-acre plot for Rs 5,000 crore.
With the real estate sector reeling under slowdown, the authority is looking to give developers choices to make payments in number of instalments as well as more time.
But, the authority believes the prices would not be corrected as it is their flagship parcel of land.
After the cancellation of the deal, the authority had given 23 acres of land to BPTP against the Rs 1,300 crore, or 25% of the Rs 5,000 crore, paid by the real-estate developer as first instalment.
“We gave BPTP back about 23 acres on account of their payments. For rest of the land, it’s all at the planning stage. There is no timeline on when we will auction it again, but we will not go back on our reserve prices; however, we understand the pain of developers and we will provide many options for payments,” a top Noida official told
DNA Money.
“We will sell it in smaller parcels if that is what developers want,” the official said.
Last year, BPTP outbid the country’s largest realtor DLF and Omaxe to bag the most expensive land deal in the country. Even the Rail Land Development Authority last year slashed the floor price of Rs 4,628 crore for leasing out its 45,371 sq m of land in Bandra (East) in Mumbai by Rs 668 crore.
This auction is also in doldrums as DLF, who was the only bidder, may make a
U-turn.
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