"We have completed and delivered more than 50,000 units in the last 25 years. Now, we are targeting to deliver another 50,000 units in the next five years. We will increase our focus in commercial segment which is doing very well," Gaurs group Managing Director Manoj Gaur told reporters here.
Realty firm Gaurs group on Friday announced an investment of Rs 10,000 crore over the next five years to develop housing, commercial, schools, hospitality and healthcare projects in the national capital region. The group announced this investment plan on completion of its 25 years of operation. “We have completed and delivered more than 50,000 units in the last 25 years. Now, we are targeting to deliver another 50,000 units in the next five years. We will increase our focus in commercial segment which is doing very well,” Gaurs group Managing Director Manoj Gaur told reporters here.
He said the company’s sales bookings have been strong despite demand slowdown in the housing market. Sales booking jumped to Rs 4,000 crore from Rs 1,600 crore in the previous year. Gaurs claimed that the company has never defaulted in delivering units to customers and repayment of debt to financial institutions. On future plan, Gaur said the company would be investing Rs 10,000 crore over the next five years to develop projects across all verticals — housing, offices, retail, hotels, service apartments, schools and hospitals.
These projects would be mainly at Noida, Greater Noida, Yamuna Expressway and Ghaziabad in Uttar Pradesh. The company will soon be foraying into Dehradun market with a mixed-use project. Gaurs group is developing 237 acre township ‘Gaur City’ at Noida Extension and 250-acre township at Yamuna Expressway in Greater Noida. Asked about source of fund to make this huge investment, company’s director Sarthak Gaur said it will be through internal accruals and debt. “We have a customer receivable of nearly Rs 3,000 crore. We also have unsold unit of Rs 2,000 crore,” he added.
On the commercial segment, Gaur said the company has so far developed about 25 lakh sq ft of commercial area of which around 15 lakh is under the lease model. “We plan to develop 10 million sq ft of commercial space in the next 5 years. We have a rental income of Rs 100 crore currently and target is to touch Rs 400 crore in the next five years,” he said.
Asked about the company’s turnover and debt, Manoj Gaur said the turnover fluctuates between Rs 1,200 crore to Rs 2,000 crore depending on revenue recognition based on area completion, while its debt is around Rs 2,000 crore.
Gaurs Group recently raised Rs 450 crore in debt from ICICI Bank and the amount will be used for a shopping mall project in Greater Noida. The group CSR arm Gaurs Foundation tied up with Pinkishe Foundation, an all-women NGO that works for empowerment of girls and women.