Gaurs Group that recently launched a 12-acre luxury project comprising around 1200 flats in Ghaziabad. Plans to launch another ultra luxury project in NCR soon NCR-based Gaurs Group that completes 30 years this year.
Plans to launch its Initial Public Offering (IPO). In the next one or two years even as it gears up to announce more ultra-luxury housing, office, hotels, schools, retail, sports, and hotel projects in near future.
We are planning to launch our IPO in the next one or two years,” said Manoj Gaur. Chairman and managing director of Gaurs Group.
He said that demand in the real estate market continues to remain robust and the company intends launching projects across verticals – housing, commercial, hotels, schools, retail, and sports.
The company is exploring to add more land parcels in its portfolio.
It recently launched a 12-acre luxury project comprising around 1200 apartments in Ghaziabad with unit prices starting at ₹2 crore. The luxury housing project called ‘Gaur NYC Residences’ was sold in three days with a total sales value of ₹3,100 crore.
The company is expected to launch another ultra luxury project in the NCR market soon, he said.
Demand for luxury housing on the rise
Asked why is there a spurt in the launch of ultra luxury projects in Noida and Ghaziabad. Gaur told HT.com that luxury housing has taken off in a major way after the pandemic as homebuyers are aspiring to move into bigger homes with better amenities.
Earlier the competition centered around how to make homes more affordable but now it is to do with how many amenities a developer can offer. Most customers are focusing on lifestyle now rather than just a roof above their head. Real estate developers are now conscious about financially closing projects faster and delivering projects on time,” he said.
Of late, established developers in Noida are launching projects in the more than ₹5 crore range. This is because land has become scarce in Noida. “Supply of land parcels in Noida has dried up. Besides, developers have to now pay for the land upfront. Secondly, the Master Plan lays down that only 19% of the land can be utilized for residential projects. All these factors have led to prices of land shooting up the roof, which in turn has had a bearing on prices of new launches,” he explained.
A few small-sized plots can still be bought from banks or through the insolvency route in Noida. To make these projects financially viable. Developers are compelled to launch ultra luxury projects with higher specifications and go vertical, sometimes as high as 30 floors,” he said.
Who is buying ₹5 crore homes?
Gaur said buyers of flats priced more than ₹5 crore. Include those who are upgrading from their parental home in Delhi or in the NCR and those who have made money either through the stock market route or from real estate investments.
“These are primarily end-users, people who are reaping profits made from the real estate market. Some are selling family homes in Delhi. Noida or Ghaziabad to move into a gated community project that offers high-end facilities. He said, adding people are willing to pay a premium for an address that comes with luxury amenities.
Inquired whether this phenomenon could potentially result in a ‘bubble’ within the real estate sector, he asserted that “this will not culminate in a bubble.” Across Noida, Greater Noida and Ghaziabad, the total inventory of ultra luxury homes is not more than 5000 units. The supply is still limited. Besides, developers are not racing to launch many projects. The pace has slowed down over the years. Developers are launching fewer projects than in the past. The focus is more on delivering quality projects on time,” he added.
For More Real Estate News Visit us – www.newlaunchalert.com/
