Suresh wanted to lay a new carpet in his new mansion with an area of $70\times 55$ sq.mts. However an area of $550$ sq. mts. had to be left out for flower pots. If the cost carpet is Rs.$50$  sq. mts. how much money (in Rs.) will be spent by Suresh for the carpet now?
1. $Rs.1,65,000$
2. $Rs.1,92,500$
3. $Rs.2,75,000$
4. $Rs.1,27,500$