Tulip Infratech, a real estate developer plans to invest INR 280 Crore in the development of 350,000 SqFt of residential space, which is a part of phase 2 of its project called Tulip Monsella on Gurgaon’s Golf Course Road.
The Gurgaon-based developer acquired the property on Golf Course Road from PNB Housing Finance Ltd. PNB Housing Finance Ltd had taken possession of the 19-acre land in 2020 after its borrower, Vipul Ltd, defaulted on the repayment of an INR 412 Crore loan taken for the project.
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The project, which spans over 20 acres on Golf Course Road in sector 53, is estimated to hold a value of more than INR 5000 Crore. Phase 2 of the project is set to include approximately 112 units. Phase 1 of Tulip Monsella is currently progressing ahead of schedule.
In total, the company plans to invest INR 3,000 Crore to revive this dormant project in Gurgaon, aiming to create approximately 6 Million-SqFt of residential and commercial space. Under the agreement, Tulip will settle PNB’s debt of nearly INR 350 Crore along with interest. Furthermore, it will transfer a portion of the sale proceeds to Vipul upon project completion.
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