India's largest land deal may be in trouble

It was celebrated as the biggest land deal in India and was worth The Rs 5,000-crore land deal, when a small time realestate developer BPTP outbid its competition including DLF and Omaxe to win the 5006 crore land deal in Noida.

According to officials and the grape vine in the realty sector, BPTP is finding it difficult to raise the funds that it needs to pay off the land deal. BPTP was unable to even raise funds for the first installment of this deal and has been granted a 2 month extension to live up to its end of the bargain.

Executives were quick to rubbish the rumors of a looming cash crisis of this small time company and claimed that they have only leveraged an existing clause in the tender and that they have not done anything out of the ordinary.

With the Indian Real Estate market in a slump, only time will tell if companies like BPTP which went all out to win such deals can survive.