BPTP Crest

The Need

Ever since the FDI in Real Estate was granted by the government in 2005, BPTP was evaluating the next big thing in Gurgaon. With various residential projects under construction, the main motive was to build a prime asset which will not be a strata sale and will be a large income generating asset for the company.

Project Details

• Property : Plot No. 15, Udyog Vihar, Phase IV, Gurgaon
• Transaction Size : 4.51 acre (625,000 sq.ft. built up)
• Transaction Type : Land Acquisition

Consideration Analysis

RRPL started initial discussions with BPTP in 2006 to understand their mindset in-depth and started the hunt for a prime asset in Gurgaon which would stand the test of time in years to follow. After conducting detailed location analysis and studying the leasing trends of corporate houses, RRPL advised BPTP to create a commercial asset with great connectivity and high leasing potential. The basic idea was approved but the challenge was to find that independent asset which would give BPTP its desired returns.

Transformation

The asset shortlisted was a running manufacturing plant of Atlas Group. The main advantage was that it was a rectangular plot, facing the main National Highway – 8 and it was located less than a kilometer from Delhi. The main commercial / IT hub – DLF Cybercity was right opposite this Atlas factory. After conducting various meetings with the Atlas Group and formulating a strategy, the following was delivered:

1. Relocation of the Atlas Factory

(a). RRPL proposed Atlas benefits of relocating its current factory from such a prime location to another Industrial Estate where their fixed investment and operational costs would be highly effective.

2. BPTP's Conquest

(a). An IT park was conceptualized which could house best companies in the future.

(b).The asset became one of the largest income generating assets for the group.

3. BPTP Stake Sale

(a). In 2007, BPTP sold 49% stake to Merill Lynch for over 100 Crores, getting a world class name attached to the project. As a result, RRPL delivered a turnaround land acquisition for BPTP and today the IT Park, BPTP Crest, is 100% occupied with tenants like Delliotte, FIS, Cisco and BPTP's own Corporate office. The asset is generating an annual income of more than 270 crores and is considered one of the prime buildings in the skyline of Gurgaon.