Tulip Infratech will invest Rs 280 crore to create 350,000 square feet of residential space as part of phase 2 of its Tulip Monsella project on Golf Course Road in Gurugram.
The Gurgaon-based developer obtained the Golf Course Road site from PNB Housing Finance Limited, which had taken over the 19-acre plot in 2020 after its borrower Vipul Limited failed to repay a Rs 412-crore loan taken for the project.
The whole project is anticipated to be worth more than Rs 5000 crore and extends over 20 acres on Golf Course Road, Sector 53.
“Phase 2 will have about 112 units, and we expect to sell them within days of launch,” said Tulip Infratech Pvt Limited Chairman Parveen Jain. Tulip Monsella’s Phase I is ahead of schedule.
Overall, the corporation would invest Rs 3,000 crore to resurrect this dormant project in Gurgaon, which will result in the creation of around six million square feet of residential and commercial space.
Tulip will pay PNB’s debt of over Rs 350 crore, plus interest, per the terms of the arrangement. Furthermore, once the project is completed, it will transmit a portion of the sales earnings to Vipul.
The project will assist approximately 200 homebuyers who have been stuck in the original property, Vipul Aarohan Residences, since 2004.
Tulip intends to construct ten super luxury residential buildings with approximately 1,100 housing units, a commercial tower of 600,000 square feet, and a smaller commercial tower of 80,000 square feet on the property.
Tulip has made modest changes to Vipul’s proposal and received agreement from two-thirds of the allottees, as required by RERA criteria for restarting the stuck project.
Tulip Monsella will be one of the tallest buildings on Golf Course Road, consisting of ten 138 metre towers with 40 floors each and a Sky Hub.
Source-ET
