Gaurs Group to develop Noida commercial project of 17 acres with an investment of Rs 4,000 crore
Realty firm Gaurs Group will invest around Rs 4,000 crore to develop a 17-acre commercial project in Noida as part of its strategy to build rental properties, a top company official said.
Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said the company will develop 5 million (50 lakh) commercial space in the upcoming Grade A project.
“We are planning to develop a large commercial project on Noida Expressway. The total area will be around 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 300 keys,” Gaur said. .
He said the company will develop a lease model project to increase its annual rental income which is currently over Rs 125 crore.
Asked about the investment, Gaur said it would be around Rs 4,000 crore.
The company aims to start construction of the project before March 2024.
Gaur said the company will finance investments in existing and future projects through internal accruals and bank loans.
“We have a sales revenue of over Rs 4,000 crore and the number will reach Rs 5,000 crore by the end of this fiscal,” Gaur said.
He remained bullish on the housing demand in the NCR market and highlighted that the company’s latest Rs 3,100 crore luxury housing project in Ghaziabad was sold in just three days.
Gaurs Group, one of the leading property developers in Delhi-NCR, is planning to launch its initial public offering in the next 18 months as it looks to grow the business amid strong consumer demand.
Gaur said the company is restructuring its business operations, before approaching markets regulator Sebi to launch an IPO.
Gaurs Group seeks to grow the real estate business and create stable rent-paying assets, including malls, hotels, office spaces, schools/colleges and convention centers.
Gaur, who is also the chairman of the main real estate agency, Credai, said the company has a land bank to develop real estate projects and continues to explore adding more land parcels to 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 the conglomerates of shopping malls, schools, hotels, the solar industry and construction.
The group has moved three townships so far, the most prominent of which is Gaur City in Noida Extension which is home to nearly 30,000 families.
