+
Tulip Infratech to infuse Rs 5,500 cr in Gurugram project in 8 years
Real Estate

Tulip Infratech to infuse Rs 5,500 cr in Gurugram project in 8 years

Real estate firm Tulip Infratech will invest Rs 5,500 crore over the next eight years to create a premium mixed-use project in Gurugram as part of its expansion plan and tap the increasing demand for luxury homes.

Tulip Infratech Chairman and Managing Director Parveen Jain told the media that the company has acquired this 19-acre stalled project, located on Gurugram's Golf Course Road from Vipul Ltd.

The firm has launched its housing project Tulip Monsella, including 1,100 flats, at Rs 20,000 per square foot. It will also construct 250 units for economically weaker sections.

Jain, who is also National Chairman of the realtors' body National Real Estate Development Council (NAREDCO), said the total developable area is 60 lakh square feet in the project, of which 6 lakh square feet is commercial space.

He told the media that the company would invest almost Rs 5,500 crore to develop the complete project. The project will be built in phases over eight years. The total sales realisation from this project is evaluated at Rs 7,000 crore.

The company has signed a joint development contract with Vipul Ltd. The beneficiary interest transfer has been sanctioned by the Town and Country Planning Department, Gurugram. The firm has taken over all the liabilities and will finish the project, he said.

Jain said the company has taken over the total debt of roughly Rs 450 crore from Vipul Ltd. PNB Housing Finance Ltd has restructured the debt.

The total interest outgo is evaluated at about Rs 40 crore yearly.

The company has already invested about Rs 250 crore so far in this project. The sales revenue from this project and other housing projects will be deployed. The firm has unsold housing inventories in other group housing projects, Jain said.

The construction work has already begun on this project. The company is utilising Mivan construction technology where the structure is 100% reinforced cement concrete, and no brickwork is used which creates the structure more sustainable and durable.

Jain said almost 350 housing units have been sold by Vipul Ltd already. Almost 50% of the commercial space has also been sold.

He said that the firm would also use the receivables from the units already sold in this project construction.

Image Source

Also read: Puravankara launches Rs 750 cr fund for affordable housing projects

Real estate firm Tulip Infratech will invest Rs 5,500 crore over the next eight years to create a premium mixed-use project in Gurugram as part of its expansion plan and tap the increasing demand for luxury homes. Tulip Infratech Chairman and Managing Director Parveen Jain told the media that the company has acquired this 19-acre stalled project, located on Gurugram's Golf Course Road from Vipul Ltd. The firm has launched its housing project Tulip Monsella, including 1,100 flats, at Rs 20,000 per square foot. It will also construct 250 units for economically weaker sections. Jain, who is also National Chairman of the realtors' body National Real Estate Development Council (NAREDCO), said the total developable area is 60 lakh square feet in the project, of which 6 lakh square feet is commercial space. He told the media that the company would invest almost Rs 5,500 crore to develop the complete project. The project will be built in phases over eight years. The total sales realisation from this project is evaluated at Rs 7,000 crore. The company has signed a joint development contract with Vipul Ltd. The beneficiary interest transfer has been sanctioned by the Town and Country Planning Department, Gurugram. The firm has taken over all the liabilities and will finish the project, he said. Jain said the company has taken over the total debt of roughly Rs 450 crore from Vipul Ltd. PNB Housing Finance Ltd has restructured the debt. The total interest outgo is evaluated at about Rs 40 crore yearly. The company has already invested about Rs 250 crore so far in this project. The sales revenue from this project and other housing projects will be deployed. The firm has unsold housing inventories in other group housing projects, Jain said. The construction work has already begun on this project. The company is utilising Mivan construction technology where the structure is 100% reinforced cement concrete, and no brickwork is used which creates the structure more sustainable and durable. Jain said almost 350 housing units have been sold by Vipul Ltd already. Almost 50% of the commercial space has also been sold. He said that the firm would also use the receivables from the units already sold in this project construction. Image Source Also read: Puravankara launches Rs 750 cr fund for affordable housing projects

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?