Aug. 4, 2009--NEW DELHI -- Delhi-based Business Parks and Town Planners (BPTP) has tied up with Hyatt India Consultancy, a part of the Hyatt Group, to construct a Rs 500 crore, 500-room, 5-star hotel on the country's most expensively bid-for commercial plot in Noida. Sources close to the development said the construction has already started and will get completed in the next 30 months. BPTP to enter into a joint venture with a few high net-worth individuals to fund the construction plans.

The hotel will include a ballroom, convention centre and five specialty restaurants.

Company officials could not be reached for a comment.

The hotel is being constructed over the 21-acre land in Noida's Sector 94 that remained with BPTP after it exited from the country's largest land deal it had won through an auction.

Last year, BPTP offered to pay Rs 1.30 lakh per sq metre for a 95-acre land in Noida's Sector 94, outbidding players like DLF and Omaxe, valuing the deal at Rs 5,006 crore.

BPTP surrendered part of the land following an exit policy announced by the Uttar Pradesh government as it had so far paid only Rs 1,300 crore and was unable to make the rest of the payment. BPTP paid Rs 130 acre and got 21-acre land for the remaining amount of about Rs 1,170 crore.

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