Privately-held realty firm BPTP, which shot into limelight last year after winning the bid for the country’s largest-ever land
deal in Noida and slid into a financial mess thereafter, said it has seen off the financial troubles but remains cautious on growth. The Delhi-based company intends to raise funds through an initial public offer (IPO), but has not decided on the timing or the amount to be raised, a senior executive said.
We are out of this mess (Noida land deal). Home sales have picked up and we have received bookings for around 5,500 homes, said BPTP director Sudhanshu Tripathi, explaining how things were improving at the firm. In March 2008, BPTP placed a big bet by outbidding realty giant DLF to win the Rs 5,000-crore land deal in a government auction.
The property market went into a slump soon after the land deal. And to add to the company’s woes, one of the financial investors — Citi Property Investors (CPI) — reduced its commitment of $160 million in BPTP’s special economic zones(SEZs) to just $100 million. This was in line with many other private equity deals that either got scrapped or scaled down in the downturn.
More : economictimes.indiatimes.com
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