Tulip Infratech to invest Rs 275 crore for luxury housing project in Gurugram
Realty firm Tulip Infratech will develop a luxury housing project in Gurugram by investing Rs 275 crore.
The project will come up at 8 acres of land and the company plans to construct 780 apartments.
Tulip Infratech is expected to soon start the construction of luxury housing and the project is likely to be completed in next four years, news agency PTI reported.
The real estate firm said that have150 apartments for people belonging to economically weaker section (EWS) will also be a part of the project.
Tulip Infratech said it has joined hands with a local landowner for the Gurugram offering.
The price of the project has been pegged at Rs 5,100 per sq ft. The initial price of an apartment has been fixed at Rs 96 lakh.
Parveen Jain, chairman and managing director of Tulip Infratech, said funding of the project would be carried out through “internal accruals” and the company’s debt stands at zero, the report added.
Tulip Infratech was founded in 2015 since then it has executed several projects in Haryana and other places. Till now, it has successfully completed around 12 projects comprising over 5,000 apartments.
In 2019, the real estate company launched two ambitious projects Tulip Yellow and Tulip Leaf in Gurugram.