INDIA’S BIGGEST LAND DEAL IN NOIDA

Noida: In the biggest land deal in the country, a consortium led by Delhi-based Business Parks and Town Planners {BPTP} on Tuesday bagged a 95-acre commercial plot in Noida Sector 94 for a mind-boggling Rs 5,006 crore from the Noida authority.
The price per square meter in the deal – clinched after sealed bids were submitted – comes to Rs 1, 30, 207, or Rs 52.69 crore per acre. The next highest bid for the site was Rs 1, 17,000/sqm by DLF and the third highest, Rs 80,000, by Omaxe. Ansal Properties and Infrastructure was earlier disqualified in the technical bid. According to a Noida authority spokesman, the permitted floor area ratio for development of the site will only be two. Only an area of 8.2 million sq ft will be allowed to develop. At this rate, the per sq ft construction right has cost BPTP a whopping Rs 6,100.
The astronomical amount paid for the site is a clear indication that, in terms of sentiment, there is no downturn in the real estate sector It also points to Noida emerging as an alternative to Delhi and Gurgaon for office space. At present, office rentals in Delhi’s high class areas range between Rs 200 to Rs 350 per sq ft. In Gurgaon, it varies between Rs 80 and Rs 120 per sq ft. As against this, rentals in Noida are in the range of 40-60 per sq ft. This has made Noida an attractive destination for commercial space in NCR. In the previous biggest land deal in Noida, Unitech had walked off with an approximately 340-avre residential plot for Rs 1,582.83 crore.
NOIDA SITE IS STRATEGICALLY LOCATED
Noida: the proposed commercial complex in Noida Sector 94, which attracted mind-boggling Rs 5,006 crore, is strategically located close to Delhi. It will be around 16 km from Connaught Place and around 10 km from south Delhi via the DND flyover.
According to Kabul Chawla, chief of Business Parks and Town Planners {BPTP}, a company which has considerable real estate interests in Faridabad, Gurgaon and Hyderabad, “We will ensure that this become the country’s most prestigious commercial complex. And, we are already in touch with planners and consultants like Norman Foster, for hotels, commercial complexes and financial hubs.”

Courtesy: TOI dtd 12-3-08