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Construction : Web Exclusive | October 2017 | Source : CW-India

Tulip Infratech looking for collaborations in infrastructure and construction

  • Bets on blending road building, flyovers and other development with real estate development.
Tulip Infratech, a renowned real estate company in India, plans to diversify into infrastructure and construction sector as it looks to step up presence in the country’s high-potential Infrastructure sector. The real estate firm is looking for collaborations in this sector, is exploring options and hopes to take a decision within the next few months.

Talking about the growth plans, Parveen Jain, Chairman & Managing Director, Tulip Infratech, says, “Tulip has long enjoyed an enviable reputation for realty excellence of being in operation since 2005. Now, we plan to diversify into newer business ventures, including infrastructure and construction. This is the sector which excites us. The government’s focus on infrastructure building and rising private investment is pushing us to foray into this sector.”

This year, the government has proposed to spend some Rs 3.96 lakh crore ($59 billion) on infrastructure, including housing, railways, ports, and irrigation. India has a huge shortage of infrastructure and the government envisages an investment of over Rs 43 lakh crore ($646 billion) over the next five years. Of this, 70 per cent will be needed in the power, roads, and urban infrastructure sectors. “The way the country is poised in terms of development and growth, we see a lot of potential,” Jain adds.

The Gurugram-based company aims to remain a dominant player in its core real estate business. It currently has nine operational projects in Gurugram including Tulip Orange, Tulip Violet, Tulip Ivory, Tulip Lemon, Tulip White, Tulip Purple and few coming up in Dharuhera and Sonipat. The group has devoted around 10 million sq ft area in group housing and 1 million sq ft in commercial projects. Further, the company plans to develop around 2.5 million sq ft as group housing and 1.5 million sq ft of commercial project in NCR and Haryana. There are more than 4,800 condominiums in these group housing projects. Tulip is now looking beyond the traditional markets to grow its presence in India.

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