Sabharwals' shop talk

LAND developers BPTP and
sons of former chief justice of
India Y K Sabharwal are jointly
building a massive eight-storied
commercial complex in
Noida on four acre plots
against which a Sabharwal
company took a bank loan of
Rs 28 crore last year.
The semi-finished building
in Sector 125 of Noida covers
three plots, A 3,4 and 5. It is
being constructed by BPTP in
partnership with Sabharwal’s
sons, Chetan and Nitin.
The land is owned by
Pawan Impex Private Limited,
a Sabharwal company in
which BPTP developers Kabul
and Anjali Chawla are equal
partners with Chetan and
Nitin.
The proposed IT park at
Sector 125 has a saleable area
of 3.2 lakh square feet.
According to documents
available with MiD DAY,
Pawan Impex bought the land
from the Noida Authority.
Last year, the company, with a
capital of Rs 3 crore, took a
loan of Rs 28 crore from the
Union Bank of India,
Connaught Place branch, for
building an IT Park on it.
Asked how a firm with
such a modest capital could
have been loaned Rs 28 crore,
UBI general manager S C
Sinha said Chetan and Nitin
Sabharwal had matched the
loan with an equal investment.
In addition to the Rs 3
crore capital, they had managed
an unsecured loan of Rs
7 crore.
Also, they had shown Rs
18 crore as the projected
income from prospective buyers
of the commercial
complex. “All this put together
makes Rs 28 crore from
their side. We have matched it
with a loan of Rs 28 crore, of
which Rs 15 crore has already
been disbursed,” Sinha said.
Bank officials said this was
the first major construction
project of the Sabharwal
brothers. “They had to take
the help of the BPTP in this
project,” they said, asserting
that the building at Sector
125 was only being marketed
by BPTP. However, when it
was pointed out that the construction
itself was being
carried out by BPTP, the officials
said the bank was
making payments directly to
the contractors and material
suppliers.
A banner fluttering outside
the semi-finished
building has the name of
BPTP as its developer. BPTP’s
website calls the magnificent
structure — Park Centra, “a
very contemporary business
place.” With all advanced
security system & a complete
access control, wi-fi connectivity,
broadband cables, etc.,
Park Centra is truly a ‘world
within’, says BPTP.
Be it BPOs, Contact
Centres, or, of course, IT and
ITES companies, this is a business
address that will make
any organisation proud, the
company added.
As reported by MiD DAY
earlier, Pawan Impex began
with a capital of Rs 1 lakh.
Soon after it entered into a
partnership with BPTP’s promoters
Kabul and Anjali
Chawla, it increased its capital
base to Rs 3 crore. Half of
this amount has been invested
in the company by the
Chawlas. The Bank agreed for
a loan of Rs 28 crore after
Pawan Impex invested Rs 7
crore more.
Former Prime Minister I K
Gujral’s nephew Mohit Gujral
has conceptualised and
designed the building. The
ground plus seven floors with
two basement, is nearing
completion.
Earlier, MiD Day has
reported that the three companies
including Pawan
Impex were running from the
residence of Sabharwal in
Punjabi Bagh. The companies
were shifted to the official
residence of Sabharwal, 6
Moti Lal Nehru Place, when
he was the Supreme Court
judge.
BPTP’s Kabul and Anjali
have invested Rs 75 lakh each
in Pawan Impex. Chetan and
Nitin invested Rs 75 lakh
each, taking the Capital of
Pawan Impex to Rs 3 crore.