BPTP acquires 228,000 sqm land in Gurgaon for Rs 872.7 mn

BPTP, a real estate developer, has purchased a land parcel spanning 228,000 square meters in Gurgaon for Rs 872.7 million. The company holds significant land holdings in Gurugram and Faridabad, totalling about 600 acres, and has been actively acquiring land for both residential and commercial development in the region. As per information obtained from CRE Matrix, a real estate data analytics firm, the land acquisition was made by Countrywide Promoters, a subsidiary of the BPTP Group. The transaction involved a stamp duty payment of Rs 61 million. Previously, Central Park, another real estate developer, acquired a 10-acre land parcel from BPTP for Rs 1 billion. BPTP has recently launched a plotted development project named BPTP District, featuring residential plots ranging from 100-180 square yards in prime real estate locations including Sectors 81, 84, 85, and 86 in Faridabad. The company boasts a portfolio of over 30 completed residential projects and numerous commercial projects in Gurugram and Faridabad. According to JLL, between January 2022 and October 2023, real estate developers acquired approximately 3,294 acres of land across the country. Notably, 44.4% of these land transactions occurred in Tier 2 and 3 cities, involving a total of 1,461 acres across 17 separate deals. This data suggests a growing trend, driven by increasing customer demand and purchasing power, where branded developers are actively closing land transactions in these cities. Encouraged by robust residential sales in emerging cities, developers are strategically acquiring land to establish substantial supply pipelines for future development projects.