Tulip Infratech to steer growth plans through Infrastructure Sector
New Delhi: Tulip Infratech Pvt. Ltd., one of the renowned real estate companies 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 renowned 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, Mr. Parveen Jain, CMD, Tulip Infratech said, “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 & 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, government has proposed to spend some Rs3.96 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 Rs43 lakh crore ($646 billion) over the next five years. Of this, 70% of 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.” Mr. Jain added.
The Gurgaon based company aims to remain a dominant player in its core Real Estate Business. It currently has 9 operational projects in Gurgaon 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 of area in group housing and one million sq ft in commercial projects. Further, the company plans to develop around two and a half million sq ft as group housing and one and a half million sq ft of commercial project in NCR and Haryana. There are more than 4800 condominiums in these group housing projects. As a matter of fact, Tulip is now looking beyond the traditional markets to grow its presence in India.