BPTP group sees Rs2,500 crore sales kicker

New Delhi: BPTP Group, the New Delhi-based real estate developer, is looking at racking up sales of over Rs 2,500 crore in the next 18 months from projects launched in the National Capital Region, its senior official said.

The company has launched 18 projects in the last couple of years with total saleable area of 36 million square feet. Of this, 13 projects comprising 34.1 million sq ft is residential, while four are commercial and retail with an area of 1.5 million sq ft. The rest is from an IT project.

The developer has already received Rs 2,838 crore as customer advances and is looking to finish, sell and deliver all projects in the next “12-18 months”.

With the projected public listing lined up, BPTP would launch additional 44 projects with total saleable area of 70.8 million sq ft.

“We have been primarily a Faridabad developer, but now in 2010 we are aggressively focusing on launching projects in the Gurgaon region. The margins in Gurgaon are at least 40% higher than the Faridabad region, so you can expect several projects form us in the mid income and luxury housing segment,” Amit Raj Jain, marketing head at BPTP, told DNA.

Meanwhile, sources close to the development said that developer is looking to file its RHP in the month of May. It will use the proceeds from the issue to fund construction on existing and future projects and to repay debt.

JPMorgan India and IDFC Capital are the book running managers of the issue. The company official declined to comment on the timeline of the listing.

The company is also not looking to sell any land plots in the fiscal as it is looking construct projects for better margins.

It has an average selling price of Rs 2,500 sq ft which it expects to rise 15-20% in the next 12 months with the improvement in the property demand.

Meanwhile, the developer added it is looking to launch the phase one of its flagship commercial projects in Noida, which includes a five star hotel.