BPTP Group, a Delhi-based real estate developer, said the price it paid for the Noida property i.e. 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.

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 renowned 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.

HONG KONG India will have at least 50 property-related initial public offerings in the next year as the real estate industry booms, according to Anish Jhaveri, the head of equity sales at HSBC Holdings in India.

“With the opening of the real estate sector, there’s a lot of need for funds,” Jhaveri said in a recent interview in Hong Kong. “The government has been giving very proactive support to the whole sector.”

The real estate market in India is worth about $12 billion and is growing at about 30 percent a year, Ernst & Young said in a report last month commissioned by the Federation of Indian Chambers of Commerce and Industry. Rising incomes, easy financing and population growth are driving demand for housing and luring overseas investors.

“The appetite for real estate IPOs will be there,” K.K. Mital, chief investment officer at Escorts Asset Management in New Delhi said a phone interview Friday. “The young work force is looking for real estate investment, and the financing is available, the banking system is supporting this growth.”

Jhaveri said that venture capitalists and overseas investors were poised to invest over $5 billion in the Indian real estate sector, without providing more details. “People are seeking more clarity” on possible changes to property regulations before investing, he said.

His forecast takes into account the possibility that India could allow real estate investment trusts, or REITs, to invest in the nation’s property industry. Still, of the 50 real estate related IPOs that he predicted would take place in the next year, he only expected a “small” number to be REITs.

In the past year, India had eight initial share offerings by engineering and construction companies, which raised $478 million, according to Bloomberg data. That compares with the six initial public offerings raising $304 million in the previous 12-month period.

Indian billionaire Kushal Pal Singh’s real estate company, DLF Universal, is seeking to revive the biggest Indian share sale once regulators decide on a complaint by shareholders. The New Delhi-based company plans to submit offer documents to regulators, paving the way for an offering by early December, Saurabh Chawla, the finance vice president of DLF, said in a phone interview Friday.

India is short of 20 million housing units, according to a study by Housing Development Finance. That shortage will get worse, according to UBS analysts, citing the growing population and increasing affluence. Asia’s fourth-largest economy grew 8.9 percent in the three months to June from a year earlier.

Paras Buildtech, a unit of Para Build-Call Pvt. Ltd. has won the “Best Project Commercial” for Paras Downtown Square at Zirakpur, Punjab. This honor was awarded at India Property Awards 2007 after carefully taking into consideration numerous other properties from some of India’s top builders by an eminent panel of judges.

Located at Zirakpur on the Y Fork of Delhi-Chandigarh-Shimla, 3,50,000 Sq. Ft. of high magnitude & quality Shopping extravaganza at Paras Downtown Square is the biggest mall of the region. It is a complete synchronization of design, luxury and quality.

Attached to the mall will be a well-designed Business Hotel catering to the new world business travelers. The region is buzzing with corporate activity and therefore the hotel has been designed keeping their convenience and exclusivity in mind.

Conceived as a world-class shopping mall Paras Downtown Square has majestic atrium with translucent ceiling, which will be the center point for shoppers giving a true international feel.

The mall boasts of many firsts in the region like- 4 Screen Multiplex by Adlabs, Anchor Store by Pantaloons and Hypermarket by Big Bazaar. Food Court & Children’s entertainment center, spread over an area of more than 23,000 Sq. Ft makes Down Town Square an unrivalled leisure destination.

Elated on receiving the award, Mr. Rajinder Takhar, COO said, “Paras Buildtech – a unit of Para Build-Call Pvt. Ltd. is the name that is associated with quality and reliability and this award is a testimony of our work and dedicated team who has worked heard to create landmark projects like Paras Downtown Square.”

“This mall will house well known brands in Fashion, Lifestyle, F& B and Entertainment, hence providing a world-class platform to all the retailers. Also, due to the sheer design of having a hotel along side the mall will provide it the status of a ‘Regional Mall’. Downtown Square will target clients from Delhi, Himachal Pradesh, Haryana, Punjab and Chandigarh”, he added.

Equipped with intelligent Air conditioning system, high-speed escalators & elevators, ample parking in two level basements, Downtown Square benchmarks luxury and exclusivity.

Designed with a thrust on aesthetics & functionality, Paras Downtown Square “The Mall That Has It All”.

Paras Buildtech – a unit of Para Build-Call Pvt. Ltd.“Quality is an obsession with all of us. What binds us together is the sheer Commitment to hard work.”

Paras Buildtech is a progressive, future-focused, real estate company that is at the cutting edge of its industry. Its high levels of integrity and dedication have made the company one of the most respected real estate developers in a short span of time.

It has an enviable reputation in conceiving and executing large sophisticated real estate projects in both commercial and corporate segments, bringing together the unmatched experience & expertise of India’s most reputed business conglomerates.

From concept to completion, Paras Buildtech is into prime real estate development and property management, coordinating a full spectrum of services including site acquisition, design and development, construction, marketing and sales. Paras Buildtech, today, is the name that is associated with quality and reliability and deals in retail, real estate commercial and residential projects.

Source: businesswireindia