Gaurs Group Unveils Ambitious Rs 4,000 Cr Noida Project: A Landmark Investment in Innovation and Growth
Gaurs Group is set to invest around Rs 4,000 crore in a 17-acre commercial development on the Noida Expressway, aiming to construct 5 million sq ft of Grade-A commercial space. The project will feature 2.5 million sq ft of retail space, 2 million sq ft of office space, and a hotel with over 300 rooms, all developed on a lease model to enhance the company’s annual rental income, which currently exceeds Rs 125 crore. Construction is expected to commence before March 2024, with funding sourced from internal accruals and bank loans. The company anticipates its sales receivables to reach Rs 5,000 crore by the end of the fiscal year.
Gaurs Group, a prominent real estate developer in the Delhi-NCR region, is also considering an initial public offering (IPO) within the next 18 months to further expand its business. Chairman and Managing Director Manoj Gaur emphasized the company’s optimistic outlook on the NCR housing market, citing the swift sale of a recent Rs 3,100 crore luxury housing project in Ghaziabad. In addition to housing, Gaurs Group is also developing commercial assets to generate stable rental income. With a history of developing over 65 million sq ft and delivering 65,000 units, the company continues to build upon its land bank while exploring opportunities to acquire more land parcels.
Original Story https://www.business-standard.com/companies/news/gaurs-group-to-invest-rs-4-000-cr-to-build-17-acre-project-in-noida-cmd-124101300151_1.html
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