The Gaurs Group, one of the well-known real estate players in India, will be foraying into the affordable housing segment with an investment of Rs. 1, 000 crore made for the development of 2 real estate projects within 3 years. These projects will offer approximately 7, 000 apartments and will come up at Ghaziabad and Greater Noida. The prices of these apartments will range between Rs. 15-25 lakhs as per reports. The Gaurs Group is bullish on demand for affordable housing and has already sold more than 5, 000 properties worth around Rs. 2, 000 crore over the last 4 months.
Two plots of land have been finalized by the Group for the development of affordable housing projects based on the affordable housing policy of the Uttar Pradesh Government which has already been amended for higher viability. The Group already possesses 25 acres of land on the Yamuna Expressway at Greater Noida and 8 acres of land at Crossing Republic Township, Ghaziabad. Out of the 7, 000 flats at these projects, 2, 000 flats will be allotted for buyers in the EWS (economically weaker section) category.
These EWS flats will be given to the Uttar Pradesh Government which will be making the allotments to beneficiaries who are eligible. The prices will be lower than Rs. 4.5 lakh per flat for these units. The costs of the project will be covered via bank loans and internal accruals. The Group strives to build apartments for buyers who earn between Rs. 25-30, 000. The Group strives to launch 10, 000 apartments in the current financial year under the housing policy of the Uttar Pradesh Government.
The Gaur Group is building around 14, 000 units out of which 5, 000 units are expected to be delivered in the current financial year. The Group has been involved in the development of commercial and residential projects for around 23 years and more than 40, 000 units have already been delivered. Some of its projects include a township venture spanning 237 acres in the NCR at Greater Noida West where 25, 000 apartments have been developed. Another township of 250 acres is also being developed on the Yamuna Expressway.