Gaurs Group Invests Rs 1,600 Cr in Luxury Flats in Ghaziabad

New Delhi, Sep 15 (PTI) Realty firm Gaurs Group will invest around Rs 1,600 crore to develop a new luxury housing project in Ghaziabad, Uttar Pradesh, as part of its plan to expand business amid strong demand.

The company has already launched and sold all 1,216 apartments in this project 'Gaur NYC Residences', which is spread over 12-acre land in Ghaziabad.

"We have sold the entire 1,200 units within three days of launch. The total sales value we generated was Rs 3,100 crore," Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said.

Gaur, who is also Chairman of realtors apex body CREDAI, highlighted that there was a huge demand for this project and the company received more than 3000 expressions of interest from customers who wanted to purchase.

"For transparency, we allotted the flats through lottery conducted live on YouTube platform," Gaur said.

When asked about project cost, he said the total investment will be around Rs 1,600 crore and out of that Rs 1,200 crore would be on pure construction activities. The total developable area is more than 30 lakh square feet.

Gaur said the company would meet construction cost through internal accruals.

Sarthak Gaur, Director of Gaurs Group, attributed the strong demand for this project to the Group's credibility, delivery track record and brand value.

"It also reflects the market's demand for premium living spaces in the Delhi-NCR region," said Sarthak.

The project is located on an 11.8-acre plot along the Delhi-Meerut Expressway and consists of 10 towers, each 32 stories high.

Gaurs Group (formerly Gaursons India Ltd) has developed over 65 million sq ft and delivered 65,000 units in its ver three decades of operations. The Group has also ventured into allied verticals of shopping malls, schools, hotels, solar plants and construction.

The Group has delivered 3 townships till date out of which the notable one is Gaur City in Noida Extension which is home to almost 30000 families currently.

The demand for residential properties, especially luxury homes, has surged post-COVID pandemic.

Builders having decent track record of executing projects are witnessing huge demand for their properties.

According to data analytic firm PropEquity, housing sales in Delhi-NCR rose to 10,198 units during April-June this year from 9,635 units in the year-ago period.