January 24, 2026 |
AIPL buys Gurugram land for Rs 1,000 crore through debt recovery tribunal
Gurugram-based realty developer AIPL has bought a 43-acre plot for Rs 1,000 crore through the debt recovery tribunal (DRT), giving exit to six banks, said a senior company executive.
The acquisition is part of a 80-acre plot in Sector 103 on the Dwarka Expressway in Gurugram. AIPL is in the process of adding another 20-acre to the existing land bank.
“We wanted to do a township project but getting large land parcels in a city like Gurugram is difficult,” said Daljeet Singh, managing director,AIPL. “We knew it will be challenging to resolve so many land-related issues, but it will also give us the opportunity to do a large scale project in the city. Our initiative has helped government by clearing dues of banks and financial institutions and contributing to the state’s growth. The upcoming development will redefine residential development benchmarks for Dwarka Eway.”
AIPL has already launched the first phase of the project, spread across 5.14 acre of the larger multi-phase AIPL Lake City development. The project has a total estimated revenue potential of Rs 1,500 crore. The entire township has a revenue potential of more than Rs 20,000 crore.
“The transaction structure was complex and required the developer to patiently navigate through the process,” said Anckur Srivasttava, chairman, GenReal Property Advisers, which acted as adviser to the transaction. “The successful outcome was due to the teamwork, and we are looking at more such acquisitions. This is one of the largest banking system NPA resolutions in the NCR and is an absolute win for all parties involved.”
The average price of the project is Rs 16,500 per sq ft and average construction cost would be Rs 7,000 per sq ft. The first phase called Riviera features two high-rise towers of 43 floors each.
Source – India Times
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