Vipul Group

What Vipul Group does

Vipul Group (legally Vipul Limited) is a publicly listed Indian real estate developer founded in 2001 and headquartered in Gurugram, Haryana. The company develops integrated townships combining residential, commercial, retail, and social infrastructure (healthcare, education, recreational facilities) across North India (Haryana, Punjab, Delhi NCR) and East India (Odisha). Its portfolio includes large-scale integrated townships such as Vipul World (150 acres in Gurugram and 109 acres in Ludhiana), luxury villa projects (Tatvam Villas spanning 50 acres), group housing developments (Vipul Belmonte, Vipul Greens, Lavanya Apartments), independent floors, plotted developments, and commercial complexes (Vipul Agora, Vipul Square, Vipul Trade Center, Vipul Business Park). The company serves high-net-worth individuals seeking luxury villas, mid-segment families seeking quality apartments, plot buyers for self-built homes, and commercial tenants including Amazon, ICICI Prudential, HDFC AMC, Kotak Mahindra, Axis Bank, and Aditya Birla group companies.

The company's revenue model is primarily one-time license sales of residential and commercial properties, with a smaller recurring component from commercial rental yields at completed commercial complexes. It operates through a direct sales model with dedicated enquiry lines, on-site project offices, and regional offices in Bhubaneswar and Ludhiana, with no third-party channel partner network. Vipul Group operates through 15 wholly-owned subsidiaries covering trading, hospitality, construction, SEZ development, and infrastructure, and has secured a Public Private Partnership with the Orissa State Housing Board for its Bhubaneswar projects. Construction partnerships include Leighton India for the Aarohan Residences project.

The company employs 501-1000 people and has received industry recognition including Realty Plus Luxury Project of the Year (2013, 2017), World Architecture Festival nomination (2016), and Double Helical Best Luxury Project Developer (2017). However, the company faces material headwinds: most projects are in completed or partially completed status with a thin forward pipeline, recent financials show volatile profitability with negative EBITDA in multiple periods, and CEO Puneet Beriwala was arrested for alleged investor fraud involving Rs 6 crore. The February 2026 convertible warrants allotment of Rs 81.78 crore indicates continued capital market access despite these challenges.

Name

Vipul Group

Legal name

Vipul Limited

Website

https://vipulgroup.in

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Vipul Group is a publicly listed Indian real estate developer founded in 2001, building integrated residential and commercial townships across Gurugram, Ludhiana, and Bhubaneswar, serving luxury buyers, mid-segment families, and commercial tenants.

Ownership category

akta.pro rank

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Real Estate Development and Sales: Vipul Group generates revenue through development and sale of residential and commercial properties including villas, apartments, plots, and office/retail spaces. Revenue is primarily one-time from property sales with some recurring income from commercial rentals.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Vipul Group (Vipul Limited) is a real estate development company that develops, sells, and manages residential and commercial properties across India. Core offerings include integrated townships (Vipul World in Gurugram and Ludhiana), luxury villas (Tatvam Villas, Vipul Villas), group housing apartments, independent floors, plotted developments, and commercial complexes for office and retail tenants. The company also operates through Public Private Partnership arrangements with state housing boards.

Product overview

Vipul Group (Vipul Limited) is a real estate development company offering a diversified portfolio of residential and commercial properties across India. The product portfolio comprises integrated townships (Vipul World in Gurugram 150 acres and Ludhiana 109 acres), luxury villas (Tatvam Villas, Vipul Villas), group housing apartments (Vipul Greens, Vipul Belmonte, Vipul Garden, Vipul Gardens, Lavanya Apartments), independent floors (Vipul Floors), plotted developments (Vipul Plots), and commercial complexes (Vipul Agora, Vipul Square, Vipul Trade Center, Vipul Plaza). Projects are located primarily in Gurugram with expansion into Bhubaneswar and Ludhiana. The company operates through Public Private Partnership arrangements with state housing boards.

Differentiator

Problem solved

Functional benefit

Products and services

• Tatvam Villas Luxury villa project spread over 50 acres within Vipul World township on Sohna Road, Gurugram. Features 254 independent villas with premium amenities including Wi-Fi connectivity, split air conditioners, centralized vacuum cleaning, and meditation groves. Targeted at high-net-worth individuals and affluent families.
• Vipul World (Gurugram and Ludhiana) Integrated townships combining residential villas, plots, apartments, commercial spaces, and amenities including hospital and club facilities. Vipul World Gurugram spans 150 acres on Sohna Road, while Vipul World Ludhiana spans 109 acres on Ferozepur Road with Sankara Eye Care Hospital on-site.
• Lavanya Apartments Residential apartments spread across 10 acres in Sector-81, Gurugram, offering 2BR, 3BR, 4BR options with servant quarters. Features include gymnasium, swimming pool, sports courts, and 24x7 security. Targeted at mid-segment families.
• Vipul Greens Bhubaneswar 4.65-acre premium residential complex off NH-5, Ranasinghpur, Bhubaneswar, developed under a Public Private Partnership with Orissa State Housing Board. Offers 3/4BR apartments and penthouses with FTTH, fire fighting systems, and CCTV surveillance.
• Vipul Agora Retail cum commercial complex on MG Road, Gurugram, designed by Bose International, USA. Spans 2.6 acres with 2,15,000 sq ft built-up area (G+4) and features an Intelligent Building Management System. Houses corporate tenants including Amazon Seller Services, ICICI Prudential, HDFC AMC, Kotak Mahindra General Insurance, Aditya Birla Sun Life AMC, and SBI Funds Management.
• Vipul Square Commercial complex in Sushant Lok, Gurgaon, spanning 2.76 acres with 1,91,000 sq ft built-up area (G+10). Houses corporate tenants including AMD Overseas, Aditya Birla Fashion & Retail, Axis Bank, Aye Finance, and P&G Groups.
• Vipul Trade Center Commercial complex on Sohna Road, Gurugram, built over 4.06 acres with 3,19,000 sq ft built-up area (G+6). Features centrally air-conditioned spaces with 4 elevators and 3-level basement parking.
• Vipul Belmonte Luxury group housing on Golf Course Road, Gurugram, spanning 11.4 acres with 10,00,000 sq ft built-up area. Houses 312 families with 3BR, 4BR, 5BR options and penthouses.
• Vipul Greens Gurugram Residential complex on Sohna Road, Gurugram, on 17.18 acres with 13,00,000 sq ft built-up area. Currently home to 644 families with 3BR, 3BR+study, 4BR options and penthouses.
• Vipul Garden (Gurugram) Group housing on Golf Course Road, Gurugram, with 7,00,000 sq ft built-up area. Home to approximately 300 families with 3BR, 4BR, 5BR options and penthouses.
• Vipul Gardens Bhubaneswar 10-acre luxury group housing in Bhubaneswar near AIIMS campus. Offers 2BR+study, 3BR, and 4BR configurations with professional property management.
• Vipul Floors Ardee City Independent floor residences within Ardee City, Gurugram, with 1,00,000 sq ft built-up area. 72 families residing in 3BR configurations.
• Vipul Plaza Gurugram Retail cum office complex on Golf Course Road, Gurugram, spanning 3 acres with 2,10,000 sq ft built-up area (G+5). Houses tenants including NCR, Navisite, and Valvoline.
• Vipul Arcade State-of-the-art commercial building within Vipul World Ludhiana township, offering retail and office spaces for shoppers and office goers.
• Vipul Floors Ludhiana Ground, first, and second floor residences within Vipul World Ludhiana township with separate terraces and access to township amenities including Sankara Eye Hospital.
• Vipul Villas Ludhiana G+2 level villas within Vipul World Ludhiana with contemporary design and exclusive jacuzzi on terrace, surrounded by landscaped gardens.
• Vipul Plots (Ludhiana and Gurugram) Plot options within Vipul World Ludhiana (200-500 sq yard) and Vipul World Gurugram on Sohna Road (192-500 sq yard), part of integrated township developments with emphasis on space, infrastructure, and green open spaces for custom home construction.
• Vipul Plaza Bhubaneswar Commercial plaza as part of Vipul Greens Bhubaneswar PPP project. Provides retail spaces including daily needs, pharmacies, boutiques, and restaurants with three-level basement parking.
• Pratham Apartments, Bawal Under-construction residential apartments project in Bawal by Vipul Group, currently in development phase.
• Vipul Business Park Commercial business park project in Gurugram by Vipul Group, providing office space for corporate tenants.

Quantifiable outcome

• Over 1,500 families residing across completed projects
• +1 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and minor.

• Leighton IndiacoreImplementation/ SI/ Consulting Partner · 1 January 2017Vipul signed agreement with Leighton India for construction of Aarohan Residences project on Golf Course Road, Gurugram. Leighton India is a major international construction company providing engineering and project management services.
• Sankara Eye Care InstitutionsminorStrategic or Co-development PartnerSankara Eye Care Institutions operates a super specialty Eye Care Hospital within Vipul World township in Ludhiana. This partnership provides healthcare accessibility to township residents and is part of Vipul's integrated township development approach.
• Orissa State Housing BoardcoreStrategic or Co-development PartnerVipul Greens Bhubaneswar is a Public Private Partnership project with Orissa State Housing Board. The project benefits from government partnership for land acquisition and regulatory approvals in Odisha.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Godrej Properties: Large, nationally diversified listed Indian residential developer with presence across multiple cities. Comparable in product mix (apartments, villas, townships) and listed-entity structure, though at much greater scale.
• DLF Limited: India's largest listed real estate developer with deep Gurgaon exposure and integrated townships. Comparable as a peer for any Gurugram-focused developer but operates at vastly greater scale and diversification across residential, commercial and retail.
• Sobha Limited: Listed Indian real estate developer with a vertically integrated construction model and luxury/residential focus. Comparable on quality-and-craftsmanship positioning and self-performing construction.

Direct peers

• Oberoi Realty: Premium/luxury residential and commercial developer focused on integrated mixed-use developments in India's largest cities. Highly comparable on luxury positioning, design-led projects and emphasis on premium micro-markets.
• Unitech Limited: Gurugram-headquartered listed Indian real estate developer with significant residential and commercial exposure in NCR. Closely comparable on geography and product mix but has suffered severe execution and governance setbacks, providing a cautionary peer benchmark.
• Ansal Properties & Infrastructure: Delhi-NCR-focused listed Indian real estate developer with integrated townships and commercial developments. Comparable on NCR geography, township model and listed small-cap profile.
• Omaxe Limited: Delhi-NCR-focused listed Indian real estate and infrastructure developer with township and commercial projects. Comparable on integrated township model, listed structure and tier-1/tier-2 city expansion.
• Eldeco Group: North India-focused real estate developer specializing in integrated townships and group housing. Closely comparable on integrated township model, North India geography and mid-to-premium residential positioning.
• Signature Global: Gurugram-based listed Indian affordable and mid-segment housing developer. Comparable on Gurugram focus and listed small-cap profile, though skews more affordable rather than Vipul's premium positioning.

Regional players

• Brigade Enterprises: Listed South India-focused real estate developer with residential, commercial and hospitality portfolios. Comparable on product breadth and listed-entity structure but operates in a different geography (Bangalore-led) than Vipul's North India focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Vipulgroupin

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries15 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vipul Group