AAROHAN RESIDENCES
TulipInfratech to invest Rs 280 crore in phase 2 of Gurgaon project
Real estate developer TulipInfratech plans to invest Rs 280 crore to develop residential space as part of phase 2 of its Tulip Monsella project in Gurgaon. The company purchased the property from PNB Housing Finance Ltd, which had taken over the land in 2020 after the borrower defaulted on repayment. The overall project is estimated to be valued at over Rs 5000 crore and will include residential and commercial space.
Tulip Infratech to invest Rs 3,000 crore for reviving a stuck project in Gurgaon
The project will help about 200 homebuyers, who were stuck since 2004. The lenders, that have taken over the 19-acre land from Vipul due to default on payments, restructured Rs 412 crore debt and transferred the project to Tulip Infratech. ET had reported about the transaction in March 2021.
Tulip Infratech to invest Rs 200 crore in stuck housing project of Vipul Ltd
Finance company PNB Housing Finance Ltd restructured Rs 412 crore debt and transferred the project to Tulip Infratech, which agreed to take over the stuck project and clear the debt from the sale of inventory.
PNB housing finance failed to get any bidder for Vipul Ltd project in Gurgaon
As per an estimate by PNB, the market value of the property was Rs 603 but since it was a distressed sale, they reduced the value by 25% in the first auction itself.
PNB Housing Finance to auction Vipul Ltd Project in Gurugram
The auction, with a reserve price of Rs 452.58 crore for both assets, will take place on August 6. According to the notice, a copy of which ET has reviewed, developers can submit bids independently or through a joint venture, by August 5.
PNB Housing Finance takes over Vipul Ltd Project after default
The lender had sent a notice to the Bombay Stock Exchange listed developer in February, demanding repayment of the loan given against its project Aarohan Residences in Gurgaon.
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Give education, equality to girl child, urges Amitabh Bachchan
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