Realty firm Gaursons will invest Rs 5,000 crore over four years to develop a township on the 300 acres it bought from the Jaypee group along the Yamuna Expressway in Greater Noida.
The Ghaziabad-based company bought this land from the group for Rs 1,700 crore in May 2013. The land is close to the Jaypee Group’s F1 track.
Announcing the launch of the Gaur Yamuna City township, Managing Director Manoj Gaur said: “We will be constructing 20,000 housing units in the first phase, spread over 250 acres.”
These units range from Rs 25 lakh to Rs 45 lakh. Basic selling price (BSP) has been fixed at Rs 2,095 a sq ft.
Gaur said the project cost would be met from internal accruals and bank loans.
Gaursons has roped in developer Saviour Builders to develop this project. Gaur said the construction of the project has started and the first phase would be delivered in 36 months. Asked about farmers’ protest in Greater Noida, Gaur said there was 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.