Tulip Infratech, a prominent real estate developer, is injecting Rs 280 crore into phase 2 of the Tulip Monsella project in Gurgaon's Golf Course Road. This investment aims to develop 350,000 square feet of residential space. Tulip Infratech acquired the property from PNB Housing Finance in 2020 after the project's original borrower, Vipul Ltd., defaulted on a Rs 412-crore loan. The comprehensive project, spanning 20 acres, is valued at over Rs 5,000 crore. Tulip plans to build ten luxurious residential buildings, a 600,000-square-foot commercial tower, and an 80,000-square-foot commercial tower. This initiative also helps 200 stuck homebuyers.
Tulip Infratech, a renowned player in the real estate sector, is embarking on a substantial investment initiative, earmarking an infusion of Rs 280 crore to spearhead the development of 350,000 square feet of prime residential space. This endeavour is a pivotal component of phase 2 within the ambit of the ambitious Tulip Monsella project, strategically located along Gurgaon's prestigious Golf Course Road. The backdrop of this investment is nothing short of intriguing. The Gurgaon-based developer, in a notable move, assumed ownership of the Golf Course Road property from PNB Housing Finance Ltd. This transfer of ownership took place in 2020, following the unfortunate default by Vipul Ltd, the original borrower responsible for a substantial Rs 412-crore loan allocated to the project.
This expansive project, occupying a sprawling 20-acre expanse in the prime locale of Golf Course Road, Sector 53, is anticipated to attain a valuation exceeding Rs 5,000 crore. Parveen Jain, the Chairman of Tulip Infratech Pvt. Ltd., exudes confidence in the venture's prospects. He asserts that Phase 2 will encompass approximately 112 units, and they anticipate a swift and enthusiastic response from the market upon its unveiling. An interesting titbit worth noting is that Phase 1 of Tulip Monsella is currently progressing ahead of schedule. This ambitious initiative forms a pivotal element of Tulip's grand vision, aiming to breathe new life into a dormant project in Gurgaon. The overarching objective is to create an impressive expanse of approximately six million square feet, dedicated to both residential and commercial purposes.
As per the terms of the agreement, Tulip is shouldering the responsibility of retiring PNB's debt, a significant sum amounting to nearly Rs 350 crore, inclusive of interest. Additionally, a portion of the sale proceeds will be channelled towards Vipul, the original project developer, once the grand vision comes to fruition. A noteworthy facet of this endeavour is its potential to positively impact approximately 200 homebuyers who have found themselves in a state of limbo since 2004. These discerning buyers had made property investments in the original project, Vipul Aarohan Residences, which had languished for years.
Tulip Infratech has envisaged a grand blueprint for the property, encompassing the construction of ten opulent residential edifices. These structures are poised to accommodate approximately 1,100 housing units, marking a significant addition to the real estate landscape. Furthermore, the venture encompasses the development of a substantial commercial tower, spanning an impressive 600,000 square feet, along with a smaller commercial tower extending over 80,000 square feet. In alignment with regulatory guidelines governing the revival of stalled projects, Tulip has meticulously fine-tuned Vipul's original proposal, securing the essential approval of two-thirds of the allottees.
One of the most striking attributes of the forthcoming Tulip Monsella residences is their remarkable stature. These ten towers are poised to become some of the most imposing structures adorning Golf Course Road, each soaring to a towering height of 138 metres and encompassing a commendable 40 floors. Adding an intriguing and innovative dimension to this ambitious project is the inclusion of a Sky Hub, setting it apart as an exceptional and distinctive endeavour within the real estate sphere.
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