INSUBCONTINENT EXCLUSIVE:
He remained extremely bullish about housing demand in the NCR market and highlighted that the company's latest Rs 3,100 crore worth luxury
housing project at Ghaziabad got sold in just three days (Representational Image)3 min read Last Updated : Oct 13 2024 | 1:10 PM
IST
Realty firm Gaurs Group will invest about Rs 4,000 crore to develop a 17-acre commercial project in Noida as part of its strategy to
build rental assets, a top company official said.
Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said the company will
develop 5 million (50 lakh) sq ft of commercial space in the upcoming Grade-A project.Click here to connect with us on WhatsApp
"We are
planning to develop a large commercial project on Noida Expressway
The total area will be about 5 million sq ft, of which 2.5 million sq ft will be retail, 2 million sq ft office and a hotel with more than
at more than Rs 125 crore.
Asked about investment, Gaur said it will be about Rs 4,000 crore.
The company is targeting to start
construction of this project before March 2024.
Gaur said the company will fund investments on existing as well as upcoming projects
through internal accruals and bank loans.
"We have sales receivables of more than Rs 4,000 crore and the number will touch Rs 5,000 crore
by end of this fiscal," Gaur said.
He remained extremely bullish about housing demand in the NCR market and highlighted that the company's
latest Rs 3,100 crore worth luxury housing project at Ghaziabad got sold in just three days.
Gaurs Group, one of the leading real estate
developers in Delhi-NCR, is planning to launch its initial public offering in the next 18 months as it looks to expand business amid strong
consumer demand.
Gaur said the company is restructuring its business operations, before approaching market regulator Sebi for launching an
IPO.
Gaurs Group wants to expand housing business and also create stable rent-yielding commercial assets, including malls, hotels, office
spaces, schools/colleges and convention centres.
Gaur, who is also the chairman of realtors' apex body Credai, said the company has land
bank for development of real estate projects and is continuously exploring to add more land parcels in its portfolio.
With a legacy
spanning over three decades, Gaurs Group (formerly Gaursons India Ltd) has developed over 65 million sq ft and delivered 65,000 units.
The
group has also ventured into allied verticals of shopping malls, schools, hotels, solar plant, and construction.
The group has delivered
three townships to date, of which the notable one is Gaur City in Noida Extension that is home to almost 30,000 families.(Only the headline
and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a
syndicated feed.)First Published: Oct 13 2024 | 1:10 PMIST
