According to the sources, BPTP, a realty developer, is planning to sell its land present on Dwarka Expressway.
The 15-acre land on Dwarka Expressway owned by BPTP Realty Developers is in talks to be sold off to Shapoorji Pallonji Real Estate for Rs.200 crore.
The proposed deal has been prepared with the term sheet for it being signed too. The buyer, Shapoorji Pallonji Real Estate, is currently evaluating the potential of the property. This proposed deal is likely to be executed in the coming few weeks.
Shapoorji Pallonji is a realty developer based in Mumbai and is planning to construct a mid-income residential project in Dwarka, of two million square feet on the proposed land. Some area of this land on Dwarka Expressway is also likely to come under the government’s policy of transport-oriented development and will benefit from it.
The construction under the Transit-Oriented Development (TOD) Zone is being encouraged by the authorities by issuing higher ration of floor area. This step will be very useful to solve the problem of land scarcity as it will allow vertical construction in this residential project in Dwarka.