It will develop about six million sq ft of residential and commercial area on the prime Golf Course Road on the land it has acquired from PNB Housing Finance. The project will help about 200 homebuyers, who were stuck since 2004.
The lenders, that have taken over the 19 acre of land parcel from Vipul due to default on payments, restructured Rs 412 crore debt and transferred the project to Tulip Infratech.
As per the agreement, the company will pay PNB’s debt of close to Rs 350 crore along with interest. In addition, it will transfer a part of sale proceeds to Vipul, once the project is completed.
PNB had taken possession of the property, Aarohan Residences on 20 May 2020 after the borrower failed to repay the loan despite repeated reminders.
The company has planned 10 super luxury residential towers with around 1,100 housing units, a commercial tower of 6,00,000 sq ft and another small commercial tower of 80,000 sq ft.
The project Tulip Monsella is located in Sector-53 on Golf Course Road, Gurugram on an area of 19 acre in Transit Oriented development (TOD) zone.