Delhi-based real estate firm BPTP had filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an initial public offer (IPO), to raise Rs 1,500 crore to develop its existing and future projects. BPTP would use Rs 325 crore to partly retire its debt of Rs 771 crore and utilise Rs 514 crore for the payment of development charges to the government authorities for its ongoing and future projects. The company would use Rs 459.4 crore to fund the construction and development projects in its Park Elite Floors at Faridabad.

The company was involved in the India’s largest land-deal of Rs 5,006 crore in Noida, but had to surrender as it was unable to arrange funds by the stipulated date. BPTP has 17 ongoing projects with a saleable area of 39.39 million sq ft and 40 forthcoming projects with an area of 57.14 million sq ft. From the ongoing projects, it sold 31.7 million sq ft of land area for Rs 5,380 crore till September 2009. It has so far received Rs 2,840 crore and the balance is receivable by the end of 2010-11 fiscal.

The firm has a total land-bank of about 2,000 acre in Faridabad, Gurgaon, Noida, Greater Noida and Hyderabad.