Delhi NCR-based real estate developer Gaurs Group plans to construct 450 luxury apartments at Jaypee Greens, an integrated township in Greater Noida outside the capital, with an investment of over Rs 500 crore, said CMD Manoj Gaur.
The developer said that the apartments will come under the second phase of its ongoing luxury housing project The Islands by Gaurs. The land acquisition for the project has already been completed.
“We have acquired two land parcels, one from IndusInd Bank and the other from HDFC Bank, in Jaypee Greens. We will develop 450 luxury flats on these land parcels. This can be called the Phase-2 of The Islands by Gaurs. We will invest over Rs 500 crore in this luxury project,” Gaur told Moneycontrol in an interview.
The Jaypee Greens township was being developed by Jaypee Infratech Limited but the company went into insolvency in 2017. In March 2023, the National Company Law Tribunal approved the resolution plan submitted by the Mumbai-based Suraksha Group for Jaypee Infratech through the insolvency process.
Also Read: Suraksha’s resolution plan for Jaypee Infratech gets the NCLT green light
Gaur, who is also the Chairman of Confederation of Real Estate Developers Association of India- National, said that the land parcels on which the project will come up together measure 12 lakh square feet. He, however, did not divulge the cost incurred in purchasing the land.
He said that the project is likely to be launched formally later this year. On the pricing of these flats, Gaur said that rates will depend on market conditions as they are fluctuating.
Gaur said that after COVID-19 the demand for large flats and luxury common areas, which include clubhouses, has gone up. “So here more focus is being given to the planning of these aspects. A change in design is being done as now flats will be bigger and more spacious. These will have bigger balconies. Special focus is also being given on the green area and open area of the society,” Gaur said.
Also Read: Gaurs Group acquires land worth Rs 200 crore from IndusInd bank in Greater Noida
Jaypee Greens is an integrated 450-acre township where about 1,600 families are already living in different societies. A 130-acre golf course is part of the township.
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