Vipul, a renowned Gurgaon-based real estate developer 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 OW Finance Private limited (OW to the tune of Rs 1.75 billion. The money raised was utilized towards pre-operative 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. 2.75 billion from PNB Housing Finance at an average rate of 13.35% p.a. 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.
Punit Beriwala, managing director, Vipul, said, "We are entering o new phase in the development of our landmark project. With Environmental clearance in place we are now gearing up to launch construction and are confident of delivering a world-class sustainable living space to our buyers. We have also pre-paid our high cost debt, by replacing it with a term loan from PNB 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."
Shares of the company gained Rs 6.2, or 8.29%, to trade at Rs 81.00. The total volume of shares traded was 148,246 at the BSE (10.13 a.m., Monday).