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Gaurs Group expects Rs 75 cr annual rental income from 1st shopping mall in Noida Extension

Business Finance

Press Trust of India  |  New Delhi 

Realty firm Gaurs expects to earn a rental income of around Rs 75 crore annually from its 8.5 lakh sq ft shopping mall at Noida Extension in Uttar Pradesh, a top company official said Friday.

Gaurs Group has completed the construction of 'Gaur City Mall', the first retail project in Noida Extension, with an investment of Rs 750 crore, its MD Manoj Gaur said.

"We are expecting to earn a rental of around Rs 75 crore annually from this shopping mall. The revenue could reach Rs 125 crore annually in the next three years with increase in footfalls," he told PTI on the sidelines of an event.

The nine-screen superplex from PVR and three anchor stores -- Shoppers Stop, Lifestyle and Big Bazaar -- are expected to open from May, while the rest of the outlets from June.

The company has roped in retail and F&B brands such as Pantaloons, Marks & Spencer, Max Fashion, Reliance Trends, Fab India, Globus and Home Centre among others.

Besides the mall, the six-acre commercial project has 1,200 offices, 200 service apartments and a 187-room hotel. The total developable area is around 15 lakh sq ft.

Gaurs is also developing a 240-acre township 'Gaur City' with an investment of Rs 8,000 crore and this mall will be a part of this integrated project catering to about 30,000 families.

Over 1,00,000 flats are being constructed in Noida Extension area, mostly in the affordable housing segment.

This is the company's second shopping mall. It has already developed 'Gaur Central Mall' at Raj Nagar District Centre in Ghaziabad.

Gaurs is developing another township on Yamuna Expressway on a 300-acre land which it purchased from Jaypee Group in 2013 for over Rs 1,500 crore.

It is also a part of 'Crossing Republik' township in Ghaziabad, being constructed by seven developers.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, April 05 2019. 19:11 IST