Gaurs Group Invests Rs 750cr in Luxury Housing Project in Greater Noida

New Delhi, Nov 27 (PTI) Realty firm Gaurs Group will invest about Rs 750 crore to develop a luxury housing project in Greater Noida to expand its business amid strong demand for residential properties.

Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said the company will develop around 250 units in this new housing project.

"We will soon be launching a new housing project in Greater Noida. The project will have 12 lakh square feet of developable area," he told PTI.

Asked about project cost, Gaur said it will be around Rs 750 crore, including land and construction costs. The company had bought this land located at Jaypee Greens in Greater Noida from banks.

Gaurs Group is already developing one project at the same location.

Gaur, who is also Chairman of realtors' apex body CREDAI, said the demand in Noida and Greater Noida remains strong, and there is a lack of adequate supply.

Last month, Gaurs Group said it would develop a 17-acre commercial project in Noida with an investment of Rs 4,000 crore as part of its strategy to build rental assets.

The company will develop 5 million (50 lakh) sq ft of 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 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 300 keys," Gaur had said.

The company will develop the project on a lease model to boost its annual rental income which currently stands at more than Rs 125 crore.

The company is targeting to start construction of this commercial project next year.

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.

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 plants and construction.

The group has delivered three townships to date, of which the largest is Gaur City in Noida Extension.