Project Aarohan receives Environmental Clearance Prepays Debt of Rs. 163 Crores
Posted by: Clara Fernandes at 9/16/2016 05:34:00 am
India 16 September 2016:
Vipul Limited, a renowned Gurgaon-based real estate developer today announced that it has received Environmental clearance from State Environment Impact Assessment Authority, Haryana for its project Aarohan on Golf Course Road in Gurgaon. By June 2016, they had already sold more than 26% of flats in Phase 1 of the project.
Further the company had raised Debt from DMI Finance Private Limited(DMI) to the tune of Rs. 175 Crores. The money raised was utilized towards preoperative 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 crores from PNB Housing Finance Limited at an average rate of 13.35% pa. Part of the amount raised from PNB Housing Finance limited will be utilized towards pre-payment of the debt from DMI , resulting in interest and cash flow savings.
Mt Punit Beriwala, Managing Director, Vipul limited, sold, We ore entering o new phase in the development of our landmark project. With Environmental clearance in place we ate now gearing up to launch construction and are confident of delivering a world class sustainable living space to our buyers. We hove also pre-paid our high cost debt, by replacing it with o term loon from PHB Housing Finance Limited. Going forward, this will strengthen our credit profile and also result in substantial saving on interest costs in such a competitive market.'
About Project Aarohan The Project has been named 'AAROHAN' - a Sanskrit word meaning to Ascend or to Rise. The first phase of AAROHAN constitutes, three iconic towers with four apartments on each floor in each tower. The Total estimated area in the first phase shall be 0.9 mn sq. ft. of Premium Residential space 'AAROHAN' will include facilities such as a sky deck, landscaped intermediate terraces, amphitheater, modern security solutions including synchronized fire fighting systems, CCTV surveillance in complex, smoke and heat detectors amongst other State of the Art facilities.
About Vipul Limited
Vipul Limited is a leading Real Estate Developer in NCR. Besides developing properties in Gurgaon and Faridabad, they hove also ventured in Ludhiana, &two! and Bhubaneshwar. The Group has delivered 8.23 mn sq. fl. of area since their inception. Apart from some projects executed by them in joint venture's ,they hove successfully completed 4 prime projects on Golf Course Road in Gurgaon. Equity Shores are listed both on BSE Ltd. & NSE Ltd.