Vipul plans Rs 400 crore housing project

Realty firm Vipul Limited hopes to sign an agreement with the Orissa State Housing Board (OSHB) for developing a Rs 400 crore group housing project at Ranasinghpur in the vicinity of Bhubaneswar within a week.

The project will be developed in public-private-partnership (PPP) route and will have about 700 dwelling units including the LIG, MIG and HIG dwelling units.

“The formalities associated with the process is over and we hope to sign the agreement with Orissa State Housing Board (OSHB) in about a week”, Brijesh Bhanote, vice-president (sales and marketing) said here.

The price of the Middle Income Group (MIG) houses will range from Rs 20 lakhs to 35 lakhs with a built up area of about 1000 to 1200 square feet. Similarly, the price of the High Income Group (HIG) houses will range from Rs 35 lakhs to Rs 50 lakhs.

The multiplex project will have three tier security system, world class maintenance facility, land scaping, round the clock water supply, power supply back up, tennis court, kids corner and parking facility among others.

Besides, the company is also implementing another project in Shankarpur mouza in the vicinity of the city. It has already acquired 10 acres of land and completed the construction of the boundary wall. Shankarpur project will have 550 flats in the MIG and HIG categories.

Construction of sample flats has started and the company has started a survey for deciding the price point. Both the projects are expected to be completed within a period of three years.

Bhanote said, the Vipul group is offering Integrated Facility Management (IFM), project management and facility related consultancy through its subsidiary company, Vipul Facility Management.

He said, the company will complete the Rs 200 crore housing project built over 109 acres of land in Ludhiana by the end of October or first week of November. Vipul is targeting turnover of Rs 350 crore during this fiscal from Rs 290 crore in 2007-08.