NEW DELHI: Vipul Ltd, one of north India's real estate majors, on Tuesday announced its plan to invest about Rs. 500 crore over the next 30 months to develop 290 high-end villas in Gurgaon, spreading over 52 acres. It is also venturing out of the North and looking at projects in the South and West. Officially launching `Tatvam Villas, which is part of the company's 150-acre integrated township on main Sohna Road, Gurgaon, Vipul's Director, Moti S. Masand, told reporters that the total project cost for developing 290 villas was estimated at about Rs. 500 crore, including the land cost, while the realisation through sales from this project would be around Rs. 750 crore.

Construction on the project would start from October and it was expected to be completed in 30 months. The size of the villas would range from 288 sq. yards to 960 sq. yards, while the cost would vary from Rs. 1.87 crore to Rs. 5 crore for each villa. About business activities of the company, he said it was now engaged in developing three integrated townships spread over 400 acres, one each in Gurgaon, Faridabad and Ludhiana.

IT SEZ in Nagpur

The company has plans to develop an IT special economic zone (SEZ) at Nagpur (Maharashtra) spread over 70 acres. The government has allotted land for the SEZ and construction is expected to start by December. Besides, it is coming up with a hotel-cum-mall project in Amritsar having a total area of 2.5 lakh sq. ft. and 7-lakh sq. ft. of office space in Kolkata. Vipul is planning to develop another 400 acre integrated township in Hyderabad. "We have identified lands and we are close to finalising the land for the township," Brijesh Bhanote, Senior General Manager-Sales and Marketing, said.

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