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AIPL has acquired a 43-acre land parcel in Gurugram's Sector 103 on the Dwarka Expressway for INR 1,000 crore through the Debt Recovery Tribunal, allowing six banks to exit their exposure on the asset. The developer is also in talks to acquire an additional 20 acres, building toward a multi-phase integrated township. The first phase, AIPL Lake City, covering 5.14 acres, has a revenue potential of INR 1,500 crore, while the entire township is expected to generate over INR 20,000 crore. The project includes high-rise towers with premium pricing.
Gurugram-based real estate developer AIPL has completed the acquisition of a 43-acre plot in Sector 103 along the Dwarka Expressway for INR 1,000 crore through the Debt Recovery Tribunal, resolving dues for six lending banks. This acquisition is part of an 80-acre site that AIPL plans to expand by another 20 acres, aiming to develop a large integrated township. Advertisement
AIPL's Managing Director, Daljeet Singh, highlighted that assembling such a large land parcel in Gurugram is challenging but essential for a township-scale project. He noted that navigating land-related issues was complex, but the process also supports government efforts by clearing bank and financial institution dues while contributing to state growth. The upcoming development is expected to set new benchmarks for residential projects along the Dwarka Expressway.
The first phase, AIPL Lake City, spans 5.14 acres and has an estimated revenue potential of INR 1,500 crore. The full township, once complete, is projected to generate more than INR 20,000 crore in revenue. The first phase, Riviera, includes two high-rise towers of 43 floors each, with an average price of INR 16,500 per sq ft and construction cost of INR 7,000 per sq ft.
Anckur Srivasttava, chairman of GenReal Property Advisers, which advised the transaction, said the process was complex and required careful navigation. He emphasized that the successful resolution is among the largest banking system NPA recoveries in the NCR, marking a significant achievement for all parties involved.
With Gurugram continuing to attract large-scale developers and residential demand rising along the Dwarka Expressway, AIPL's acquisition is a strategic step to strengthen its presence in the National Capital Region. The project is positioned to offer high-end residential options while maximizing land use efficiency through phased development and high-density planning.
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