NCR-based Gaurs Group is restructuring the company to launch its Initial Public Offering (IPO) to generate funds for constructing a 5 mn sq ft commercial project in Noida and new acquisitions.
The company that turns 30 this year plans to launch an IPO in the next one or two years for construction and new acquisitions.
โWe are planning to launch an IPO for futuristic acquisitions. We require money for our commercial project coming up in Noida. But before the process can begin, restructuring of the company needs to be done, several companies need to be brought under a common umbrella.. That may take almost 1.5 years,โ said Manoj Gaur, chairman and managing director, Gaurs Group.
“We are planning to launch our IPO in the next one or two years,โ he said.
The company is looking to generate funds for construction of an almost 5 mn sq ft commercial project in Noida for which it had acquired 18 acres of land in Sector 129 and where it is planning to develop retail and office space.
Also Read: Gaurs Group planning to launch an IPO in the next one or two years, more luxury project launches in the offing
The project is expected to include 2.5 mn sq ft of retail space and 2 mn sq ft of space for A-Grade office space, a convention centre and a hotel. The entire project is expected to be spread across an area of around 18 acres. The investment required for the project is likely to be around โน3000 crore, he said.
The company intends running the facility on a lease model, he said, adding this may perhaps be the biggest retail development in Noida.
The company also has plans to launch a luxury project in Ghaziabad, he said.
He said that demand in the real estate market continues to remain robust and the company intends launching projects across verticals – housing, commercial, hotels, schools, retail, and sports. The company is on the lookout for acquiring land parcels as well, he said.
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โWe have plans to launch more real estate projects with a value of around โน5000 crore,โ he said.
Luxury real estate projects
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The company recently launched a 12-acre luxury project comprising around 1200 apartments in Ghaziabad with unit prices starting at โน2 crore. The luxury housing project called ‘Gaur NYC Residences’, was sold in three days with a total sales value of โน3,100 crore.
The company also has plans to launch another ultra luxury project in Noidaโs Jaypee Greens project that is likely to have close to 300 apartments.
The company has a debt of around โน1300 crore which it plans to reduce with โน4500 crore receivables it gets from sold projects.
โOur debt is around โน1300 crore to โน1400 crore,โ he added.
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.
Also Read: Luxury housing trends: Why are real estate developers launching โน5 crore-plus apartments in Noida?
The Group has also ventured into allied verticals of shopping malls, schools, hotels, solar plants and construction.
The Group has also delivered three townships till date.
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