Gaurs Group to Invest Rs 1,600 Crore in New Luxury Housing Project

Gaurs Group is set to invest around Rs 1,600 crore to develop a luxury housing project in Ghaziabad, Uttar Pradesh. Known as 'Gaur NYC Residences', the project sold all 1,216 apartments almost instantly. The surge in demand reflects the market's appetite for premium living spaces, especially in the post-COVID era.

Realty firm Gaurs Group has announced a substantial investment of approximately Rs 1,600 crore to develop a luxury housing project in Ghaziabad, Uttar Pradesh. The new venture, 'Gaur NYC Residences,' has already witnessed unprecedented demand, with all 1,216 apartments sold within three days of its launch.

Gaurs Group's Chairman and Managing Director, Manoj Gaur, revealed that the project garnered over 3,000 expressions of interest from potential buyers. To maintain transparency, flats were allotted via a lottery conducted live on YouTube. The total sales value generated from the project stands at Rs 3,100 crore.

Sarthak Gaur, Director of Gaurs Group, attributed the strong demand to the company's credibility and brand value. The project, situated along the Delhi-Meerut Expressway, features 10 towers with 32 stories each, covering a developable area of more than 30 lakh square feet. Gaurs Group plans to finance the construction cost through internal accruals, focusing on meeting the rising demand for premium living spaces in the Delhi-NCR region.

(With inputs from agencies.)