Despite facing the pressure of liquidity crunch, Gurgaon-based real estate company, Vipul Limited has announced launching of their second integrated township at Ludhiana.
The township would come over 109 acres ,which involves the investment of Rs 400 crore.
Amid a scenario where market sentiments are not so favourable for real estate developers, Punit Beriwala, managing director of Vipul Limited admitted that liquidity crunch had affected the pace of their real estate projects, but expressed hope to counter the difficult times.
The company has arranged debt of Rs 100 crore from LIC Housing Finance for building the township. Besides the firm would raise money through internal accruals as well as debt.
Apart from this, the company has tied up with Solitaire Capital India, real estate venture fund, which will put in 25% of the total amount in the project.
The integrated township would comprise of a hotel, plots, lifestyle villas, premium apartments, high-end commercial complex, fully equipped convenience shopping arcade and an ultra-modern facility equipped club house. The price for plots will hover around Rs 13,000-15,000 per square yard.
The project is scheduled to be completed in phases starting from 2010. Apart from integrated housing project in Ludhiana, the company was building two three-star hotels in Mohali and Amritsar with an investment of more than Rs 100 crores.
Vipul Limited has already delivered about 6.5 million sq. ft and is presently working on an area of about 10 million Sq ft in Gurgaon, Manesar, Dharuhera, Ludhiana, Bhubaneswar and Nagpur.
The spectrum of assignments range from residential and commercial to hospitality. These are spread across places like?Gurgaon, Manesar, Dharuhera, Mohali, Amritsar, Ludhiana, Bhubaneswar, Hyderabad, Nagpur, Siliguri and Kolkata.
The company recorded revenue of Rs 288.49 crore and consolidated net profit of Rs 41.69 crore in financial year 2007-08 registering an increase of 46%.