Realty developer BPTP purchased a land parcel spread across 228,000 in Gurgaon for Rs 87.27 crore.
BPTP has substantial holdings in Gurugram and Faridabad (about 600 acres) and has been acquiring land parcels in the region for residential and commercial development.
According to the documents accessed through CRE Matrix, a real estate data analytics firm, the land has been acquired by Countrywide Promoters Pvt Ltd, a subsidiary of BPTP Group and it has paid Rs 6.1 crore as stamp duty for the transaction.
Earlier, real estate developer Central Park had acquired a 10-acre land parcel from BPTP for Rs 100 crore.
BPTP has recently launched a plotted development project, BPTP District comprises residential plots ranging from 100-180 square yards in the prime real estate corridors of Sectors 81, 84, 85, and 86 in Faridabad.
BPTP has more than 30 residential projects and many commercial projects completed and delivered in Gurugram and Faridabad.
According to JLL, from January 2022 to October 2023, around 3,294 acres of land were acquired by real estate developers in the country. A substantial proportion (44.4%) of these land deals were transacted in Tier 2 and 3 cities, with a total of 1,461 acres being acquired across 17 separate land deals.
Data indicates that driven by the increasing demand and buying capacity of the customers, branded developers have successfully closed many land transactions in these cities.
Encouraged by the unprecedented levels of residential sales in emerging cities, developers are also acquiring land to build relevant supply pipelines for the future.
Source : ET