New Delhi: A couple of days after Tata Housing launched a low-cost realty project which offers houses at below Rs4 lakh, BPTP Ltd, the Delhi-based developer has launched independent floors called Park Elite Floors at very competitive rates of between Rs16.08-25.56 lakhs.

The floors will be located within BPTP’s 1500 acre township, BPTP Parklands in Faridabad near Delhi.

The company has launched 500 flats in the first phase of the project. BPTP is also offering its buyers an upfront discount of 5% on the installments of the basic sale price if paid on or before the due date.

BPTP Parklands will have 30 million sq. ft. of residential, 4 million sq.ft. of commercial and 2.5 million sq. ft. of retail space.

The construction cost for the Park Elite Floors has been budgeted at about Rs1,000 per sq. ft, Kabul Chawla, managing director, BPTP said. We have cut down on our margins as well and in most of our projects our margins are not more than 25%, he said.

On the Noida land that BPTP had surrendered, Chawla said that the company has taken possession of 22 acres of land after paying 100 crore of stamp duty. The total cost of the land is Rs1400 crore.

In March, 2008, BPTP had won the bid for a 95-acre commercial plot of land in Noida for Rs5,000 crore. The company, which was not able to make the complete payment surrendered the plot of land to the New Okhla Industrial Development Authority in February this year.

Now, BPTP plans to develop 300,000 sq. ft. of office space and 600,000 sq.ft. of hotel property on the plot of land. The hotel will have around 550 rooms and the company is in talks with leading international hotel chains to manage the hotel property, Chawla said.