The first phase of Vipul Gardens, the Rs 250-crore group housing project being developed by Gurgaon-based Vipul Limited on 9.8 acres of land at Shankarpur mauja on the outskirts of the city, is scheduled for commissioning within three years.
The entire project consisting of 578 dwelling units in 10 towers is expected to be completed within four years. In the first phase, 250 flats will be delivered to the customers.
Addressing media persons here at the ground breaking ceremony of the project, Punit Beriwala, managing director, Vipul Limited, said, the group housing project has got good response so far and about 150 flats have been booked.
Vipul's group housing project would offer a mix of 2 BR (bedroom), 3 BR and 4 BR apartments which would be priced at Rs 31 lakh, Rs 37 lakh and Rs 45 lakh respectively.
The real estate player is also mulling a 5 per cent hike in price of the apartments keeping in view the revival in demand for housing projects in the country.
"At present, our apartments at the Vipul Gardens are priced at Rs 2,050 per sq ft and we are thinking of raising the price to Rs 2,150 per sq ft. In the next two months, we may go for another minor upward revision in the prices of flats as the demand for housing projects is likely to go up further by then", said Guninder Singh, chief executive, Vipul Limited.
Vipul Gardens offers a host of facilities to the customers including a multi-function hall, gymnasium, swimming pool, recreational club, 24x7 security and surface as well as basement parking. "These days the customers are looking for comfortable and modern living space and are also concerned about value for money. Vipul Gardens aims to address both these issues by redefining living standards in Bhubaneswar", said Beriwala.
Beriwala hinted that Vipul is keen on setting up a business hotel in Bhubaneswar but declined to elaborate further. Meanwhile, the real estate firm expects to commence construction work on the Rs 400-crore housing cum commercial project being taken up on the PPP (public private partnership) mode in association with the Orissa State Housing Board (OSHB) by the end of this year.
The PPP housing project is being developed on 18 acres of land at Patrapada on the outskirts of the city. While 15 acres would be earmarked for the group housing project, the remaining three acres would be devoted to commercial development.
