Vipul Ltd, the flagship company of Vipul Group on Thursday announced three mega launches for Punjab-Vipul World, the 109 acre mega housing project on Ferozepur Road, Ludhiana to be launched in April, followed by construction of three hotels at Mohali, Ludhiana and Amritsar.
The proposed Rs 400 crore Vipul World project would be nestled into manicured gardens. The township would comprise of plots, lifestyle villas, premium apartments, high end commercial complex, fully equipped convenience shopping arcade, club house and a five-star hotel. Another Rs 250 crore would be invested on the three hotels.
Punit Beriwala, managing director, Vipul Ltd said the company has also forayed into the hospitality sector in collaboration with Sarovar Hotels and Resorts franchiser for Park Plaza, Park Inn, Sarovar Park and Sarovar Portico brands in the country for building four-star hotels in the key cities of India like Mohali, Amritsar, Ludhiana, Siliguri, Bhuwaneswar. The Vipul Ltd will be investing around Rs 500 crore in these projects.
Beriwala informed that land has already been acquired for Mohali, Amritsar, Ludhiana, Siliguri and Bhuwaneswar projects and Sarovar Hotels would manage the hotels, whereas the ownership would remain with the company. The arrangement would be on the basis of a management fee and would not involve any equity participation. The group plans to invest Rs 250 crore for the Amritsar, Ludhiana and the Mohali project. These three projects will be ready by 2010 and bring added revenue to the Vipul Group.