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The second phase of Tulip Infratech’s premium residential project in Gurugram was launched on the first day, and the real estate company sold flats valued at over Rs 300 crore. in high demand.
Tulip Infratech had stated in 2022 that it will invest Rs 5,500 crore over the following eight years to build Tulip Monsella, a posh mixed-use project in Gurugram with 1,100 apartments. Additionally, 250 homes will be built for economically disadvantaged areas.
Tulip Monsella Is A Mixed Use Project Sector 53 In Gurugram
In the second phase, we have about 110 flats available for Rs 27,000 per square foot. On the first day of the opening, we have already sold almost 50 apartments,” Parveen Jain, the founder of Tulip Infratech, stated.
He said that the business had already sold 250 of the devices it had introduced in the first phase. The high demand, according to Tulip Infratech Director Vipin Jain, highlights the discriminating tastes of Gurugram’s homeowners.
Tulip Infratech Sold 110 Units At Tulip Monsella Golf Course Road
Located on Golf Course Road in Gurugram, this 19-acre project has been put on hold. Tulip Infratech had purchased it from Vipul Ltd., another real estate company.
According to Parveen Jain, the project has a total developable area of 60 lakh square feet, of which 6 lakh square feet are dedicated to commercial space.
Approximately Rs 5,500 crore would be invested in the project’s development. Over the course of eight years, the project will be built in phases, he stated. This project is expected to have a total sales realization of Rs 7,000 crore.
Tulip Infratech Is One Of The Top Developers In The Delhi-NCR
One of the top developers in the Delhi-NCR real estate industry is Tulip Infratech. Thus far, it has finished over fifteen real estate projects.
Currently known as Tulip Monsella, the project is situated on a 19-acre plot of land in Gurgaon’s TOD (Transit Oriented Development) zone in Sector-53 on Golf Course Road.
The residential complex, named Tulip Monsella, is set to be among the highest on Golf Course Road. It will have ten towers, each measuring 138 meters and including 40 stories, along with a Sky Hub.
Tulip Infratech Has Overtaken The Project From Vipul Limited
Tulip is using the most recent international “Mivan construction technology,” in which there is no brickwork and the structure is entirely made of reinforced cement concrete (RCC). This makes the structure more earthquake resistant, long-lasting, and sustainable.
At first, PNB Housing Finance Ltd attempted to auction 19.24 acres of land and 138 unsold apartments of a project located in Gurgaon that was held by Vipul Ltd. The reserve price for combined assets was Rs 452.58 crore, but no buyer was able to place a bid.
Since January 2020, Vipul’s account has been categorized as a non-performing asset due to its non-payment of loan installments.
Tulip Infratech Has Completed More Than 15 Projects In Gurugram
Vipul had applied for a stay on PNBHFL’s auction before the Debt Recovery Tribunal (DRT) in Delhi. On August 5, 2020, the tribunal said that there is no stay or interim relief is grantd to Vipul limited.
The market in Delhi-NCR has been impacted by projects that have stagnated. Vipul Ltd. has handed this project up to us. The current project clients will be much relieved by this, according to Jain.
He mentioned that in the past two years, prices have increased along with the demand for premium real estate in Gurugram. Since its founding in 2005, Tulip Infratech has finished 14–15 projects, the bulk of which were in Gurugram. Source-ET
