First generation entrepreneurs do not always hide their wealth. Like any other 37-year-old who has come into big money, Kabul Chawla has an eye for fancy cars. Parked in his garage, you can find a Lamborghini and a Bentley. Chawla can now also boast of owning some prime real estate in the country.
Born and brought up in Karnal, Haryana, Chawla is deeply religious. A day after sealing what is billed as the country’s, and perhaps also Asia’s, largest land acquisition, he headed off on a thanksgiving trip to the shrine of Vaishnodevi and other holy places in North India. In doing so, he has followed in the footsteps of several business luminairies including Bharti Airtel’s Sunil Mittal and the late Lalit Suri of Bharat Hotels.
Having built his company, BPTP Ltd, from scratch in five years, Chawla bested the likes of DLF and Omaxe to win the rights to develop 94 acres of land for commercial use in the boomtown of Noida for an eyepopping Rs 5,006 crore. Call it a case of sour grapes, but minutes after BPTP won the deal, an executive with a rival company said it had overbid for the land. Not totally untrue: BPTPs bid is nearly 70 per cent more than the reserve price of Rs 2,960 crore.
There are some concerns about the long-term viability of the deal. These are perhaps valid, considering the early evidence of a possible slow-down in the Indian economy, but BPTP executives choose to dismiss them. A reason for their confidence could be the company’s scorching growth. Under Chawla, BPTP now owns aland bank of over 1,900 acres, spread across Faridabad, Gurgaon, Noida, Greater Noida, Mohali and Hyderabad. The projects, a mix of residential and commercial, retail space and four special economic zones, are touted as crucial achievements. Betting on BPTP’s growth potential, investors like the realty arm of Citibank and Merrill Lynch have recently invested in its projects. Company insiders credit Chawla with spotting the huge growth potential of the National Capital Region.
What is perhaps less known is Chawla’s nimble footed decision-making and his ability to network with decision makers including several senior politicians. Real estate deals of this kind, especially in Uttar Pradesh, need immense contacts and goodwill. Chawla, industry insiders say, has plenty of both.
Kabul Chawla also shares akinship with the late Kalpana Chawla. The Indian-American astronaut and space shuttle mission specialist died on February 1, 2003. Kabul must have been influenced by the stupendous achievements of his cousin.
In sealing the Noida deal, Chawla has become the latest poster-boy for small town Indians. All that he needs to do now is to make sure that he builds castles on the ground for those who want them.
