NEW DELHI, Jan 25: Realty firm Gaursons will invest Rs 5,000 crore over the next four years to develop a township on the 300-acres land that it bought from Jaypee Group on the Yamuna Expressway in Greater Noida.
Ghaziabad-based Gaursons had bought this land from Jaypee Group for about Rs 1,700 crore in May, 2013. The land parcel is situated close to Jaypee Group’s F1 track.
Announcing the launch of township ‘Gaur Yamuna City’, company’s Managing Director Manoj Gaur said: “We will be constructing 20,000 housing units in the first phase which is spread over 250 acres”.
Price of these units ranges from Rs 25-45 lakh depending on the size. Basic selling price (BSP) has been fixed at Rs 2,095 per sq ft.
“The total investment to develop this township will be Rs 5,000 crore, which includes about Rs 1,700 crore land cost,” Gaur said, adding that the project cost would be met from internal accruals and bank loans.
Gaursons has roped in another realty firm Saviour Builders to develop this project.
Gaur said the construction of the project has started and the first phase would be delivered within 36 months. “We have done a technical collaboration with a Korean company for faster execution of real estate project”.
Besides apartments, the township will have schools, hotel, service apartments and commercial area.
Asked about farmers’ protest in Greater Noida, Gaur said there is no dispute on this land.
Gaursons is currently developing a 240-acre township in Noida Extension in tie-up with Saviour. About 25,000 housing units are being developed in this township at an investment of about Rs 5,000 crore. (PTI)
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