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Rs 5,006 crore to the Delhi-based developer BPTP. The developer later requested to truncate the deal and settled for a 21-acre plot. The remaining land still rests with the authority.
“We are planning to invite bids for this remaining 74 acre plot by the end of this calendar year,” a senior official in the authority told Financial Chronicle, on conditions of anonymity. He added that discussions are going on to finalise broad terms and conditions of the bid. The official confirmed that commercial development of the plot would be allowed as before.
In March last year, the plot of land in mention grabbed the headlines when BPTP outbid real estate biggies DLF, Ansals and Omaxe and walked away with development rights with its historic bid of Rs 5,006 crore. This was the biggest ever land deal in the country.
Thereafter, BPTP deposited around Rs 1,300 crore as its first instalment but was unable to pay the remaining portion of the bid amount. It then approached the authority and requested to settle with a 21-acre plot for the amount deposited by it. In the process it had to forfeit Rs 130 crore for reneging on the original bid.
In fact, BPTP made use of the UP government’s directive which allowed a developer to either get its payment plan rescheduled for the bids won and seek moratorium on their payment plans or surrender the plot. If the developer decided to surrender the plot, it forfeited 10 per cent of the amount already deposited and got land against the payment made earlier.
The authority was thus left with a remaining chunk of 74 acre, which it now wants to re-auction.
Officials remain tight-lipped over the reserve price (the minimum price at which a bid is submitted) of the plot or the price at which the plot is expected to be auctioned.
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