BPTP Centra One
Well renowned developer BPTP's new project "Centra One" located on the main Golf Course Extension Road with a total sellable area of 350,000 sq.ft. was nearing possession in 2013. BPTP had managed to sell 200,000 sqft of the total sellable area upon its project launch in 2007-08. Given the market conditions in 2013, it was an uphill task to sell vacant office spaces on the Golf Course Extension road because investors in the market were more keen to place their bets on income generating/pre-leased assets.Project Details
• Property : Sector 61, Golf Course Ext. Road, Gurgaon
• Transaction Size : 70,000 sq.ft.
• Transaction Type : Sales Strategy and Implementation
After studying BPTP's sales strategy, market trends and investor sentiments, RRPL did a detailed analysis of the supply of income generating assets on the Golf Course Extension Road. Along with that study, RRPL also highlighted the vacuum between Residential and Commercial Property rates in that location. After the detailed analysis, RRPL devised a new sales strategy and undertook the project exclusively.Transformation
After a detailed explanation of our suggested sales strategy and firm timelines to achieve our exponential targets, the remaining space got sold within 6 months with the following strategy in place:
1. An Assured Return Scheme with leasing commitment by BPTP
(a). BPTP was selling the project as a vacant space but RRPL realized the potential of the building, which was nearing possession and explained to BPTP that the same has a high possibility of leasing out, once it is delivered.
(b). BPTP would receive entire sales considerations within the targeted period with guaranteed sale of the proposed inventory.
2. Commitment to the investors for a fixed return
(a). Investors were content getting a fixed return on a building nearing possession.
(b). Investors had the security of BPTP not over leveraging on the same project.
3. RRPL drafted the MoU's and Agreement for the investor keeping their interest intact at no additional cost to BPTP or the investors, RRPL's two decades experience in Real Estate consultancy was able to deliver a viable solution and achieve the sale of the committed area in record time.