Gaurs Group to Invest ₹4,000 Crore in 17-Acre Project in Noida, Says CMD.

Realty firm Gaurs Group plans to invest approximately ₹4,000 crore to develop a 17-acre commercial project in Noida, focusing on building rental assets, according to Chairman and Managing Director Manoj Gaur. The company aims to create 5 million square feet of Grade-A commercial space in this upcoming project.

"This large commercial development will be located on the Noida Expressway, with a total area of about 5 million square feet. It will include 2.5 million square feet of retail space, 2 million square feet of office space, and a hotel with over 300 rooms," Gaur stated.

The project will be developed using a lease model to enhance the company's annual rental income, which currently exceeds ₹125 crore. Gaur confirmed that the total investment for the project will be around ₹4,000 crore, with construction expected to begin before March 2024.

The company plans to finance this investment through internal accruals and bank loans, with sales receivables projected to exceed ₹5,000 crore by the end of the fiscal year.

Expressing confidence in the housing demand in the National Capital Region (NCR), Gaur noted that their recent luxury housing project in Ghaziabad, worth ₹3,100 crore, sold out in just three days.

As one of the leading real estate developers in Delhi-NCR, Gaurs Group is also planning to launch its initial public offering (IPO) within the next 18 months to further expand its business in response to strong consumer demand. Gaur mentioned that the company is restructuring its operations before seeking approval from the market regulator, Sebi, for the IPO.

The Gaurs Group aims to enhance its housing business while also creating stable, rent-yielding commercial assets, including malls, hotels, office spaces, schools, colleges, and convention centers. Gaur, who also serves as the chairman of the realtors' apex body Credai, highlighted the company's land bank for real estate development and its ongoing efforts to acquire additional land parcels.

With over three decades of experience, Gaurs Group (formerly Gaursons India Ltd) has developed over 65 million square feet and delivered 65,000 residential units. The group has also diversified into related sectors, including shopping malls, schools, hotels, solar energy, and construction. Notably, they have delivered three townships, including Gaur City in Noida Extension, which is home to nearly 30,000 families.

BS