Tulip Infratech has revived a ₹3,000 crore stalled real estate project with about six million sq ft of residential and commercial area on the prime Golf Course Road in the satellite city. The project will help about 200 homebuyers, who have been waiting for allotment since 2004 and the lenders, that have taken over the 19-acre land from Vipul due to default on payments. CMD, Tulip Infratech, Parveen Jain informed that the company has planned 10 super luxury residential towers with about 1100 housing units, a commercial tower of 600,000 sq ft and another small commercial tower of 80,000 sq ft.
Tulip has made minor changes in the original plan prepared by Vipul and has also gotten the consent of two-thirds of the allottees, as per the guideline of RERA for reviving a stuck project where about ₹185 crore is receivable from the existing buyer. The project is located in Sector-53 on Golf Course Road, Gurgaon on an area of 19 acres in the TOD (Transit Oriented Development) zone. The residences will be one of the tallest developments on Golf Course Road, consisting of 10 towers at 138m with 40 floors each and a Sky Hub. The construction technology being used by Tulip is the latest international ‘Mivan construction technology’ where the structure is 100% reinforced cement concrete and no brickwork is used which makes the structure more sustainable, long-lasting, durable, giving impeccable strength and more earthquake resistant.