3 days ago
Gaurs Group Acquires 35 Acres Along Yamuna Expressway
Gaurs Group, a real estate company, bought three pieces of land near the Yamuna Expressway.
The land covers 35 acres and cost about Rs 700 crore.
The company bought it from ICICI Bank in an auction.
The biggest piece is 24 acres.
Gaurs Group wants to build homes there.
It also plans to start three or four more housing projects by March next year.
The company says many people want homes in Noida, Greater Noida and Ghaziabad.
Gaurs Group also earns money from shopping malls and other commercial properties.
Gaurs Group acquired three land parcels totaling 35 acres in Sector 18 along the Yamuna Expressway.
The company bought the parcels from ICICI Bank through an open auction for around Rs 700 crore.
The largest parcel covers 24 acres and is planned for a residential project.
Gaurs Group plans to launch three to four housing projects in Noida and along the Yamuna Expressway by March next year.
The developer reported Rs 5,500 crore in sales bookings last fiscal year and earns about Rs 150 crore annually from commercial rentals.
- Who
- Gaurs Group acquired the land from ICICI Bank; company Chairman Manoj Gaur announced the purchase.
- What
- The company bought three land parcels totaling 35 acres for around Rs 700 crore and plans residential development.
- Where
- Sector 18 along the Yamuna Expressway, which connects Noida and Greater Noida with Agra.
- When
- The acquisition was reported on August 30; three to four housing projects are planned by March next year.
- Why
- The acquisition is part of Gaurs Group’s expansion plan and is intended to support new residential projects.
Key facts
- Buyer
- Gaurs Group
- Seller
- ICICI Bank
- Land acquired
- 35 acres across three parcels
- Purchase price
- Around Rs 700 crore
- Largest parcel
- 24 acres
- Planned use
- Residential projects
- Previous fiscal sales bookings
- Rs 5,500 crore
- Annual rental income
- Around Rs 150 crore from commercial assets
Quotes
Gaurs Group
Real estate development company
“The land has been acquired in an open auction from ICICI Bank Ltd on an as-is, where-is basis. We are settling all the pending dues like EDC, farmer compensation etc”
theprint.in
“We have acquired 35 acres of land parcels from ICICI Bank for around Rs 700 crore.”
theprint.in
Sources
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