Tulip Infratech Sells 50 Luxury Apartments in Gurugram

New Delhi, Apr 29 (PTI) Realty firm Tulip Infratech has sold apartments worth more than Rs 300 crore in the first day of the launch of its second phase of luxury residential project in Gurugram on strong demand.

In 2022, Tulip Infratech had announced investments of Rs 5,500 crore over the next eight years to develop a premium mixed-use project Tulip Monsella in Gurugram comprising 1,100 flats. It will also build 250 units for economically weaker sections.

"We have launched around 110 units in the second phase at Rs 27,000 per square feet. We have already sold around 50 flats on the first day of the launch," Tulip Infratech founder Parveen Jain said.

The company had launched 250 units in the first phase and those are already sold, he added.

Vipin Jain, Director, Tulip Infratech, said the tremendous demand underscores the discerning preferences of Gurugram's homebuyers.

Tulip Infratech had acquired this 19-acre stalled project, located on Golf Course Road, Gurugram, from another realty firm Vipul Ltd.

Parveen Jain had said the total developable area in the project is 60 lakh square feet, of which 6 lakh square feet is commercial space.

"We will invest around Rs 5,500 crore to develop the entire project. The project will be constructed in phases over a period of eight years," he said. The total sales realisation from this project is estimated at Rs 7,000 crore.

Tulip Infratech is one of the leading developers in the Delhi-NCR property market. It has completed more than 15 real estate projects so far.