Delhi-based Business Parks and Town Planners (BPTP) bagged a 95-acre commercial plot at Sector 94 in Noida for incredible Rs 5006 crore from the Noida authority. It 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.
The price per square meter in the deal comes to Rs 1,30,207. The next highest bid for the site was Rs 1,17,000 per square meter by DLF and the third highest was Rs 80,000 per square meter by Omaxe. Ansal Properties and Infrastructure was earlier disqualified in the technical bid. Noida authority declared that the permitted floor area ratio for development of the site will only be two. Only an area of 8.2 million square feet will be allowed to be developed. At this rate, per square feet construction right has cost BPTP Rs 6100.
This deal indicates that there is no sentimental slump in real estate sector. It also indicates that Noida seems to be emerging alternative for office space to Delhi and Gurgaon. At present, office rentals in Delhi’s high class areas range between Rs 200 to Rs 350 per square feet. In Gurgaon, it varies between Rs 80 and Rs 120 per square feet. On the other hand, rentals in Noida are in the range of Rs 40-60 per square feet. This price difference is the main reason behind rise of Noida as an attractive destination for commercial space in NCR.