Realty firm Gaurs Group plans to invest approximately Rs 4,000 crore in the development of a 17-acre commercial project in Noida as part of its strategy to create rental assets, according to a senior company official.
Manoj Gaur, Chairman and Managing Director (CMD) of Gaurs Group, announced that the company aims to construct a Grade-A commercial space totaling 5 million square feet. “We are set to develop a significant commercial project along the Noida Expressway, encompassing around 5 million square feet. This will include 2.5 million square feet of retail space, 2 million square feet of office space, and a hotel with over 300 keys,” he stated.
The project will be developed on a lease model, which Gaur believes will enhance the company’s annual rental income, currently exceeding Rs 125 crore. Regarding the investment, he confirmed it will be about Rs 4,000 crore.
Construction is expected to commence before March 2024, with funding sourced from internal accruals and bank loans. Gaur mentioned that the company has sales receivables exceeding Rs 4,000 crore, projecting this figure to reach Rs 5,000 crore by the end of the fiscal year.
He expressed strong optimism regarding housing demand in the NCR market, citing the rapid sale of the company’s latest luxury housing project in Ghaziabad, valued at Rs 3,100 crore, which was sold out in just three days.
As one of the leading real estate developers in the Delhi-NCR region, Gaurs Group is also planning to launch an initial public offering (IPO) within the next 18 months to support its business expansion amid robust consumer demand. Gaur indicated that the company is restructuring its operations in preparation for approaching the market regulator, Sebi, regarding the IPO.
The Gaurs Group aims to broaden its housing business while also establishing stable, rent-yielding commercial assets, which may include malls, hotels, office spaces, educational institutions, and convention centers.
In addition to his role at Gaurs Group, Gaur serves as the chairman of the realtors’ apex body, Credai. He noted that the company has a substantial land bank for real estate development and is actively exploring opportunities to acquire more land parcels.
With over three decades of experience, Gaurs Group (formerly Gaursons India Ltd) has developed more than 65 million square feet and delivered around 65,000 residential units. The group has also diversified into related sectors such as shopping malls, schools, hotels, solar energy, and construction.
To date, the group has completed three townships, with Gaur City in Noida Extension being particularly notable, as it is home to nearly 30,000 families.
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