Gaurs Group buys 35-acre land for Rs 700 crore

Realty firm Gaurs Group has acquired 35-acre land parcels along Yamuna Expressway from ICICI Bank for around Rs 700 crore to develop residential projects as part of its expansion plan. The company bought three land parcels in Sector 18 along the Yamuna Expressway, which connects Noida and Greater Noida to Agra, at an auction from ICICI Bank. “We have acquired 35 acres of land parcels from ICICI Bank for around Rs 700 crore,” Gaurs Group Chairman Manoj Gaur said. There are three land parcels, with a 24-acre plot being the largest.

“The land has been acquired in an open auction from ICICI Bank Ltd on an as-is, where-is basis. We are settling all the pending dues like EDC, farmer compensation, etc.,” the company said. Gaurs Group, which is one of the leading real estate developers in Delhi-NCR, plans to launch the project on the 24-acre land parcel. Gaur said the company plans to launch 3-4 housing projects by March next year at Noida and Yamuna Expressway. The Group clocked sales bookings of Rs 5,500 crore during the last fiscal year.