Global financial services firm JPMorgan Chase has invested Rs 250 crore in closely-held BPTP Limited, a New Delhi-based real estate company for an equity stake of 3 per cent.

BPTP came into headlines earlier this year when it bagged 95-acre of prime commercial land at Noida, outbidding well- known developers such as DLF, Omaxe and Ansal Housing & Construction for Rs 5,006 crore. BPTP quoted Rs 1.30 lakh/sq m against the reserve price of Rs 77,000/sq m.

Citigroup Property Investments (CPI) holds 5.89 per cent in the company, which it bought for Rs 322.50 crore last year. With this latest deal, BPTP promoters now hold about 91.1% in the company.

In June 2008 – three months after emerging as the successful bidder in the Noida land transaction – BPTP made part-payment (Rs 1,000 crore) to the Noida Authority towards the first instalment for the deal and said the balance payment, of Rs 250 crore, would be made “very soon”.

The company plans to build a commercial destination that would have offices, hotel and retail space. The total cost of construction for the project would be around Rs 4,500 crore with Phase I to be completed in three years.