India hits biggest land deal ever
Realty player Business Parks
In a statement, BPTP Director Sudhanshu Tripathi said, “BPTP has made an application to the New Okhla Industrial Development Authority (Noida) for surrender of (the) plot and are awaiting the authority’s decision.”
The policy had 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. The company will, however, not get the balance amount and instead will be offered land after paying the penalty. The government has given time till June to developers to submit their proposal to surrender their land.
A BPTP spokesperson said the company has already paid about Rs 1,300 crore (it had bid for the land at the rate of over Rs 1.30 lakh per sq m) and has applied for retaining about 25 per cent of the land that it has paid for. However, it is not known at what per sq metre rate the government will provide the land.
The company had to pay the total amount through six monthly instalments over eight years and had sought an extension for its second instalment that was due in September 2008.
In a statement, BPTP Director Sudhanshu Tripathi said, “BPTP has made an application to the New Okhla Industrial Development Authority (Noida) for surrender of (the) plot and are awaiting the authority’s decision.”
The policy had 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. The company will, however, not get the balance amount and instead will be offered land after paying the penalty. The government has given time till June to developers to submit their proposal to surrender their land.
A BPTP spokesperson said the company has already paid about Rs 1,300 crore (it had bid for the land at the rate of over Rs 1.30 lakh per sq m) and has applied for retaining about 25 per cent of the land that it has paid for. However, it is not known at what per sq metre rate the government will provide the land.
The company had to pay the total amount through six monthly instalments over eight years and had sought an extension for its second instalment that was due in September 2008.
|
|
