New Delhi: Realty firm Vipul Ltd has raised Rs 150 crore from DMI Finance Ltd to develop a luxury housing project in Gurgaon.
The company plans to develop 382 units in the project, which is spread over 20 acres on the Golf Course Road in Gurgaon.
"We have raised Rs 150 crore from DMI Finance so far for this project. The NBFC (non-banking financial company) has sanctioned a total of Rs 450 crore," Vipul Ltd CEO Guninder Singh said.
The remaining Rs 300 crore would be raised when the company would start construction activities in March after getting environment clearances.
"We have launched this project 'Aarohan' at a competitive price of Rs 15,500 per sq ft, with an inaugural discount of Rs 1,000 per sq ft," she said.
The starting price of the apartments is Rs 3 crore plus.
Commenting on the launch, Vipul MD Punit Beriwala said, "It is our fifth project on the Golf Course Road and we look forward to succeed immensely on the basis of our past experience of creating and delivering landmark projects relevant to consumers' aspirations."
The real estate sector has been facing a demand slowdown for the last 2-3 years due to higher property prices as well as interest cost, resulting in huge delays in completion of projects and piling up of unsold inventories.
The developers are launching very few projects and concentrating on clearing unsold stocks through offering discounts and other freebies.
Vipul has delivered about 10 million sq ft so far.
Vipul shares, on Friday, ended 0.59 per cent lower at Rs 58.55 apiece on the BSE, whose benchmark Sensex index finished down 0.82 per cent. The company's market cap stood at Rs 702.51 crore.