Vipul has received a no objection letter by PNB Housing Finance (PNBHFL) for signing a joint venture agreement with Tulip Infratech to carry out all developments activities in relation to Aarohan Residences situated at Golf Course Road, sector-53, Gurugram, the company said in a BSE filing on Monday.
Vipul has availed loan facilities accumulating to Rs 412 crore as on 31 January 2021 (existing Loan from PNBHFL) in relation to development of the project, vide loan agreements dated September 9, 2016, February 5, 2018, September 10, 2018 and April 24, 2018, the company said in the regulatory filing.
The existing loan is secured by the project land jointly owned by Vipul and Moon Apartments, and has been guaranteed by Punit Beriwala, MD, Vipul.
As the phase-I of project has been completed only to the extent of 27% (approximately), Tulip lnfratech has been identified to undertake pending development and completion of the project.
As the project land is under symbolic possession of PNBHFL, the parties have sought no-objection from PNBHFL, which provided its NOC.
Tulip Infratech will pay an amount of Rs 50 crore which would be utilized for meeting debt obligation of PNBHFL’s loan availed by Vipul (Rs 25 crore to be deposited upfront and balance Rs 25 crore to be deposited post approval of Beneficial Interest Policy (BIP) of DTCP to be in place), the regulatory filing said.
The balance liability of the existing loan, at the instance of Tulip Infralech, can be financed by PNBHFL.