Business Park Town Planners (BPTP) is preparing to list its real estate business and has begun the process of appointing a merchant banker, as per some industry reports, signalling a return to the public markets for the Delhi-NCR-focused developer. The timeline and quantum for the proposed listing were not disclosed. The move is aimed at unlocking value, funding growth and improving transparency as the company scales up launches, the report added.
According to the people cited above, BPTP is sitting on a 45–50 million sq ft land bank and plans to roll out projects worth about INR 10,000 crore annually while carving out a rental portfolio alongside. The plan comes amid a buoyant primary market for property names; real estate IPOs raised roughly INR 13,500 crore in 2024, nearly double the previous year, Colliers India has noted.
On the financial side, BPTP reported revenue of about INR 3,000 crore in FY25 and expects to scale this to nearly INR 5,500 crore in the current financial year, the people said. Scale-up will be driven by new launches across Gurugram and other NCR micro-markets, with the rental platform intended to diversify cash flows over time.
“We have enough land bank to launch projects worth INR 40,000 crore, but we will continue to acquire strategic land parcels in key locations,” BPTP chief executive Manik Malik said, declining to comment on listing specifics. He added that the company has spent the last few years streamlining operations and completing multiple mergers.
As BPTP gears up for market debut, the operational momentum is also visible in Gurugram, where BPTP has announced an INR 3,000-crore luxury project at Sector 102 with a projected topline of INR 6,500 crore. Day-one bookings for the Amstoria Verti-Greens development were pegged at around INR 1,500 crore earlier this year, underscoring premium housing demand along the Dwarka Expressway, company statements and media reports indicated.
This would be BPTP’s second attempt at tapping the capital market. The developer received SEBI approval in 2010 for an INR 1,500-crore IPO but deferred the plan amid weak conditions, and later bought back stakes from private equity investors in 2015 using proceeds from an asset sale. The current listing intent will still require board and regulatory approvals, and the company has not clarified whether it will pursue a pure-play IPO, a demerger or a REIT/SM-REIT route.
Sector analysts caution that execution and disclosures will be in focus given BPTP’s scale-up and the category’s cyclicality. “Real estate listings have accelerated post-pandemic, but investors are rewarding balance sheet discipline and governance; we expect deal flow to remain healthy if earnings visibility holds,” said a Colliers India research executive, referencing the firm’s October 2024 IPO study. Consumer-side issues in legacy NCR projects have also drawn attention in recent months, highlighting the need for robust compliance and customer redressal.
At a glance
- Listing plan: BPTP initiates process to appoint merchant banker; timeline and size not disclosed.
- Land bank: 45–50 million sq ft across Delhi-NCR.
- Launch pipeline: Projects worth ~INR 10,000 crore every year; separate rental portfolio under creation.
- Revenue: ~INR 3,000 crore in FY25; FY26 guidance ~INR 5,500 crore.
- Gurugram luxury project: INR 3,000-crore capex; projected topline INR 6,500 crore; strong early bookings.
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