NEW DELHI (INDIA): Global construction company Leighton has bagged a Rs 500 crore contract to develop realty firm Vipul Ltd’s luxury housing project in Gurugram.
Vipul Ltd is developing 370 units, comprising 1 million sq ft of built up area, in the first phase of this 20-acre project.
“We have awarded a Rs 500 crore contract to Leighton India to construct the first phase of our new project ‘Aarohan’,” Vipul Managing Director Punit Beriwala told PTI.
He said the construction cost will be funded through internal accruals and loans from PNB Housing.
The company has already sold about 30 per cent area of the first project.
The construction of the first phase has started and will get completed in 2020.
The entire project will be developed in three phases, covering 2.5 million sq ft of residential and 0.5 million sq ft of commercial space.
Asked about debt, Beriwala said it is about Rs 300 crore.
On property market, he said it is going through a paradigm shift after the real estate regulatory law came into force.
“There will be a consolidation in the real estate market. We see only 6-7 players operating in Gurugram market,” he added.
Gurugram-based company has completed 8 million sq ft of residential and 4.5 million sq ft of commercial projects so far. Another 3 million sq ft will be completed this year.
Leighton India Contractors Pvt Ltd is a part of CIMIC Group, previously known as Leighton Holdings, which is Australia’s major constructing and contracting company.
It started operations in India in 1998 and has offices in Mumbai and Delhi, and a team of 600 employees and 7,000 diverse work force.
Source: Press Trust of India