Gaursons to invest Rs 150 cr on luxury realty project in Noida

Realty firm Gaursons India will invest Rs 150 crore to develop a luxury residential project in Noida, and also plans to enter affordable housing segment in a big way to tap rising demand for low-cost homes.

Noida-based Gaursons is more into development of mid- income and low-cost housing. It will develop two towers having only 52 luxury homes with starting price of Rs 2.29 crore.

"We have launched these 2 towers keeping in mind the dearth in supply of luxury homes in Noida. The project is fully compliant with RERA (real estate regulation Act) and all approvals are in place for the two towers" Gaurosn India MD Manoj Gaur said in a statement.

Gaur, who is also president of realtors' body CREDAI-NCR, said the project cost for these two towers will be Rs 150 crore and investment would be met through internal accruals.

These towers are part of 10-acre housing project 'Gaur Sportswood' comprising 800 units.

Gaur said the company is focusing on delivery of existing projects and it gave possession of 14,000 units last fiscal.

The company is currently developing over 12,000 units, of which over 5,000 units will be offered for possession in this financial year.

Gaursons plans to enter the affordable housing segment and would soon launch 10,000 low-cost homes soon.

Besides Noida, the company has projects in Greater Noida, Yamuna Expressway and Ghaziabad.