Delhi-based real estate developer BPTP Ltd is likely to set up a 5-star hotel and office complex on the 22-acre plot of land in satellite town Noida. The real estate firm has retained the Noida plot after exiting the rest of the 95 acres it had won in an auction. The company has paid Rs 1,400 crore for the 22-acre Noida plot. According to BPTP, the proposed five-star hotel will be spread over an area of 6 lakh square feet while office complex will occupy an area of 3 lakh square feet.

 

The company predicts that after about three years there will be a huge demand for hotels and office spaces in Noida. The real estate company said that the proposed hotel will have 550 rooms with all the modern facilities at affordable price. According to the officials of BPTP, the firm intends to accomplish the hotel project before the 2010 Common Wealth Games. Explaining the reason for opening up the hotel before the Games, the official said that BPTP wants to make good use of tax benefits.

 

As per reports, the company is in talks with leading international hotel chains to manage the hotel property in Noida. The Delhi-based real estate company won the bid for the 95 acres of commercial land in Noida in March 2007. But because of the market slow down, the company surrendered the land to Noida authority and retained the 22-acre plot. Meanwhile, BPTP has launched independent floors called Park Elite Floors in Faridabad near Delhi.

 

The company claimed that the new floors within its1500 acre township project will be available at a very competitive rates of between Rs16.08-25.56 lakhs. The company also assured to offer an upfront discount of 5 percent on the installments if the buyers pay the basic sale price on or before the due date.