Gurugram-based real estate developer AIPL has acquired a 43-acre site for ₹1,000 crore via the Debt Recovery Tribunal (DRT), enabling six banks to exit, according to a senior executive.
This purchase is part of an 80-acre parcel in Sector 103 along the Dwarka Expressway in Gurugram. AIPL plans to expand its land bank by an additional 20 acres.
“We aimed to undertake a township project, but securing large land parcels in a city like Gurugram is challenging,” stated Daljeet Singh, Managing Director of AIPL. “We anticipated difficulties in resolving numerous land-related issues, yet this also presents us with an opportunity to execute a large-scale project in the city. Our initiative assists the government by clearing debts owed to banks and financial institutions and contributes to the state’s development. The forthcoming project will set new standards for residential development along Dwarka Expressway.”
AIPL has already launched the first phase of the project, covering 5.14 acres of the larger multi-phase AIPL Lake City development. The project has an estimated total revenue potential of ₹1,500 crore, while the entire township is projected to exceed ₹20,000 crore in revenue potential.
“The transaction structure was intricate and necessitated patience from the developer throughout the process,” remarked Anckur Srivastava, Chairman of GenReal Property Advisers, which advised on the transaction. “The successful outcome is attributed to teamwork, and we anticipate more acquisitions like this. This represents one of the largest resolutions of banking system NPAs in NCR and is a significant win for all involved parties.”
The average price for the project is ₹16,500 per sq ft, with an average construction cost of ₹7,000 per sq ft. The initial phase, named Riviera, features two high-rise towers, each with 43 floors.
