Real estate developer BPTP Ltd have been able to secure construction finance of around Rs190 crore from L&T Finance Holdings Ltd to complete their two residential projects in Faridabad – Park 81 and Parklands Pride, a company spokesperson said. Property consultant Knight Frank India was the adviser to the transaction.

BPTP are confident that they will commence offering possession of Pride in a phased manner starting this October, and they are already delivering units across Park 81. In fact, this year, they would be delivering over 2,000 units.

BPTP owns nearly 2,000 acres in Faridabad, located in the National Capital Region (NCR) centred around Delhi. It has utilized only 1,000-1,100 acres, and plans to form joint ventures with larger builders to develop the rest.

Unlike most debt deals in real estate today, which are primarily to refinance existing debt and give exits to lenders, the L&T-BPTP transaction is a straightforward one for project construction.

“We have raised around Rs. 500 crore of debt in the last year which isn’t fully utilized, so they are trying to strike a balance between raising debt and equity… Kabul Chawla, CMD, BPTP
In July, BPTP Ltd sold 14.8 acres in Dwarka Expressway to Mumbai-based Godrej Properties Ltd and is in the process of selling a second parcel around the same location to another developer. The two sales will help the firm raise around Rs500 crore.

BPTP also sold its Hitec City plot in Hyderabad to Bengaluru-based developer Salarpuria Sattva Group this year.

In the recent past, several builders in NCR have raised debt, mostly for refinancing or construction. In June, Saha Groupe raised Rs200 crore by selling NCDs to ECL Finance Ltd. In the same month, Piramal Finance Ltd, a unit of Piramal Enterprises Ltd, lent Rs325 crore to Mahagun Group. In January, it had lent Rs425 crore to Prateek Group

here is company details.

 

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