New Delhi: Realty player BPTP Ltd has applied for surrendering the Rs5,006-crore land deal, the biggest ever in India, to New Okhla Industrial Development Authority (NOIDA) as it is unable to make the complete payment.
“BPTP has made an application to the Noida authority for surrender of (the) plot and are awaiting decision of NOIDA,” BPTP Director Sudhanshu Tripathi said in a statement.
The company said it made the application after the UP government, in its new policy, gave developers options to get their payment plan rescheduled and seek benefit of moratorium.
The policy had also allowed developers to surrender the plot after paying a penalty of 10% of the amount that it had deposited to the authority. Companies will, however, not be returned back the balance money, but will be offered land for the amount left after paying the penalty.
BPTP had in 2008 bagged the 95-acre commercial plot at Sector 94, Noida, beating rivals, including DLF Ltd.
A BPTP spokesperson said the company has already paid about Rs 1,300 crore as a payment of the land and it has applied for retaining about 25% of the land that it has paid for.