Delhi-based Business Parks and Town Planners (BPTP) has successfully acquired a 95-acre commercial plot located in Sector 94, Noida, for an impressive Rs 5006 crore from the Noida authority. This site enjoys a prime location, just about 16 kilometers from Connaught Place and approximately 10 kilometers from South Delhi via the DND flyover.
The transaction results in a cost of Rs 1,30,207 per square meter for the plot. Notably, the second highest bid was Rs 1,17,000 per square meter put forth by DLF, while Omaxe came in third with Rs 80,000 per square meter. Ansal Properties and Infrastructure was previously disqualified during the technical evaluation phase. The Noida authority has stated that the permissible floor area ratio for site development is limited to two, allowing for the construction of only 8.2 million square feet. Consequently, BPTP is paying approximately Rs 6100 for each square foot of construction rights.
This significant acquisition illustrates that there is no significant downturn in the real estate market as Noida emerges as a viable alternative for office space outside of Delhi and Gurgaon. Currently, office rentals in prime areas of Delhi are priced between Rs 200 to Rs 350 per square foot, while Gurgaon rental rates fluctuate between Rs 80 and Rs 120 per square foot. In contrast, rentals in Noida are comparatively lower, ranging from Rs 40 to Rs 60 per square foot. This disparity in rental costs underscores the growing appeal of Noida as a favored destination for commercial properties within the NCR region.