Vipul has received Environmental Clearance from State Environment Impact Assessment Authority, Haryana for its project ‘Aarohan’ on Golf Course Road in Gurgaon. By June 2016, the company had already sold more than 26% of flats in Phase 1 of the project.
Further, the company had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore. The money raised was utilized towards pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, the company has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35% per annum. Part of the amount raised from PNB Housing Finance will be utilized towards pre-payment of the debt from DMI, resulting in interest and cash flow savings.
Vipul is a leading Real Estate Developer in NCR besides developing properties in Ludhiana, Bawal, Bhubaneshwar, Faridabad and Gurgaon.