Vipul Ltd announces Rs600 crore investment in Punjab

Vipul Ltd announces Rs600 crore investment in Punjab
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First Published: Thu, Feb 14 2008. 05 24 PM IST
Updated: Thu, Feb 14 2008. 05 24 PM IST
New Delhi: Vipul Limited, the flagship company of Vipul Group today announced three mega launches for Punjab. Vipul World, the 109 acres mega housing project on Ferozepur Road, Ludhiana will be launched in April followed by construction of three hotels at Mohali,Ludhiana and Amritsar. The projects will be developed at an approximate investment of Rs250 crore.
The Rs400 crore Vipul World project would be barely a 20-minute drive from the central business district of Ludhiana and will offer a perfect blend of modern infrastructure and an elegant lifestyle experience. The township would comprise plots, lifestyle villas, premium apartments, a high-end commercial complex, fully equipped convenience shopping arcade, club house and five star hotel.
The company has also forayed into the hospitality sector in collaboration with Sarovar Hotels & Resorts-franchiser for Park Plaza ,Park Inn , Sarovar Park and Sarovar Portico brands in India for building four-star hotels in Mohali, Amritsar, Ludhiana, Siliguri, Bhuwaneswar etc. Vipul Ltd will be investing around Rs500 crore in these projects.
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 Vipul Ltd. The arrangement would be on the basis of a management fee and would not involve any equity participation. The group plans to invest Rs250 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 .
Announcing the projects, Punit Beriwala, managing director, Vipul Ltd. said, “The hotels while providing a home-away-from-home experience will be designed to enhance the local aesthetics of each city.”
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First Published: Thu, Feb 14 2008. 05 24 PM IST
More Topics: Vipul | Punjab | hotel | investment | construction |