TulipInfratech to invest Rs 280 crore in phase 2 of Gurgaon project
economictimes.indiatimes.comTulipInfratech will invest Rs 280 crore to develop 350,000 sq ft of residential space, part of phase 2 of its project Tulip Monsella at Gurgaon’s Golf Course road.
The Gurgaon-based developer purchased the property on Golf Course Road from PNB Housing Finance Ltd, which had taken over the 19-acre land in 2020 after its borrower Vipul Ltd defaulted on repayment of a Rs 412-crore loan taken for the project.
The overall project spans over 20 acres on Golf Course Road, sector 53 and is estimated to be valued at more than Rs 5000 crore.
“Phase 2 will have about 112 unit and we expect to sell it within days of launch,” said Parveen Jain, Chairman of Tulip Infratech Pvt Limited.
Phase-I of Tulip Monsella is ahead of schedule.
Overall the company will invest Rs 3,000 crore to resurrect this dormant project in Gurgaon to create around six million square feet of residential and commercial space.
As per the agreement, Tulip will pay PNB’s debt of close to Rs 350 crore along with interest.
In addition, it will transfer a part of the sale proceeds to Vipul once the project is completed.
The project will help about 200 homebuyers who had booked houses at the original project, Vipul Aarohan Residences, and have been stuck since 2004.
ET first reported on the transaction in March 2021.
Tulip intends to build ten super luxury residential buildings on the property with around 1,100 housing units, a commercial tower of 600,000 square feet, and a smaller commercial tower of 80,000 square feet.
Tulip has made minor modifications to Vipul's proposal and obtained the approval of two-thirds of the allottees, as required by RERA guidelines for reviving a stalled project.
The residences called Tulip Monsella will be one of the tallest
