Press Trust of India
Realty firm Gaurs Group is planning to launch its Initial Public Offerings (IPO) in the next 18 months as it looks to expand business amid strong consumer demand its, CMD Manoj Gaur said.
Byoued by the successful launch of its luxury housing project in Ghaziabad clocking Rs.3,100 crore in sales in three days. Gaur said the company has set a target to expand its business of development of housing projects across the Delhi-NCR market.
He said the company will also develop commercial assets, including malls, hotels, office spaces, and schools/colleges to generate stable rental income.
“We are planning to launch our IPO in the next one or two years,” said Manoj Gaur, Chairman and Managing Director, Gaur Group.
The company recently introduced a luxury residential project on a 12-acre that has nearly 1200 residential units. It is based on the Manhattan concept, named NYC Residences in Wave City, Ghaziabad.
He also said, “Earlier the competition centred 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 developer are now conscious about financially closing projects faster and delivering projects on time.”
The developer feels that in Delhi-NCR families are upgrading their parental home with a cost valuing up to Rs. 5 crore. Else, there are investors who after reaping profits from the stock market try their luck in the real estate sector. Thus, people aren’t hesitant to pay the cost for ultra-luxury amenities.
“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.”
