Insolvency proceedings against Vipul Ltd were withdrawn in 2020 and Tulip Infratech took over the incomplete mixed-use project in 2021.
Gurgaon-based real estate firm Tulip Infratech plans to deploy around Rs 4,000 crore over the next seven years on a stuck mixed-use project that it took over from Vipul Ltd in the millennium city.
The development is spread over 6 million sq ft estimated to be valued at more than $ 1 billion (Rs 7,700 crore), the company said on May 27.
“As per the rules, we have taken permission from the town and country planning department for taking over the project and have received both principal as well as final approvals as also the RERA registration number,” Tulip Infratech CMD Parveen Jain, who is also the chairman of NAREDCO, told Moneycontrol.
The project, located on Golf Course Road in Sector 53, has been named Tulip Monsella. It was earlier known as Aarohan Residences.
Tulip Infratech, which took over the project in 2021 after negotiations with the banks and builder, plans to build around 1,100 luxury apartments and 150 units for economically weaker sections. The luxury apartments will be spread across 10 towers. There will be two separate commercial buildings.
The project is spread over 19.26 acres. The built-up area for residential project will be 3.25 million sq ft, while commercial towers will be spread across 7 lakh sq ft, Jain said.
Tulip Infratech held talks with Vipul Ltd, the contractor Leighton and PNB Housing Finance (PNBHFL to take over the project. The total loan amount owed by Vipul Ltd with interest was Rs 412 crore.
Vipul Ltd received a no objection letter from PNBHFL in March 2021 for signing a joint venture agreement with Tulip Infratech.
“The loan has now been restructured and transferred in our name. We had deposited Rs 50 crore as part of the March 2021 settlement,” Jain said.
Tulip Infrastructure will invest Rs 500 crore this year in the first phase of residential towers and one commercial tower that will be delivered in the next four years.
The project would be completed in next seven years and funded through internal accruals, he said.
“The luxury 3BHK units spread across 3000 sq ft will be priced between Rs 5 crore and Rs 10 crore. We will also be honouring the commitment made to the 200 buyers who had earlier invested with Vipul Ltd. They will be handed over their flats in the same location and at the same cost agreed between the previous developer and the buyers,” Jain said.
Vipul Ltd had sold 200 units in the three towers that were launched in 2017. As only 20 percent of the first phase of the project was completed, Tulip lnfratech was taken on board to complete the project.
Global construction company Leighton had in 2017 bagged a Rs 500-crore contract to develop Vipul’s luxury housing project and had plans to build 370 units in the first phase of the project.
Source : Money Control