Tulip Infratech to invest Rs 1,600cr on housing project

NEW DELHI: Realty firm Tulip Infratech today said it will invest Rs1,600 crore over the next four years to develop a housing project in Gurgaon.

The company would build 2,000 apartments in the housing project 'Tulip Violet' spread over 40 acres.

"We have launched a new project in Gurgaon where we will come up with 2,000 flats in mid-income categories. The project cost would be about Rs 1,600 crore," Tulip Infratech Managing Director Parveen Jain said.

Jain said the project cost would be funded through debt, internal accruals and advances from customers.

Construction would start in January next year and the entire project is expected to be completed in the next four years, he said, adding that the price of flats started from Rs 55 lakh ownwards.

Jain said this was the company's seventh project in Gurgaon.

Besides Gurgaon, the company is also developing a housing project, comprising of 635 units in Sonepat, Haryana.