You are here: Home » PTI Stories » National » News
Business Standard

Gaurs sells housing units worth Rs 400 cr during Navratra-Diwali

Business Finance

Press Trust of India  |  New Delhi 

Realty firm Gaurs Group Sunday said it has sold 1,012 housing units worth about Rs 400 crore during the Navratra and Diwali festival season.

Housing sales generally improve during the festive season.

Ghaziabad-based Gaurs achieved sales bookings of 1,012 units worth Rs 411 crore during the festive season starting October 10 and ending November 7, the company said in a statement.

The company had already sold more than 5,000 units in the first six months of this fiscal year and the momentum continued during the festive season, its MD Manoj Gaur said.

The average selling price was about Rs 40 lakh per unit.

The sales were primarily in its two big townships at Noida Extension and Yamuna Expressway as well as a housing project at Siddharth Vihar in Ghaziabad, he added.

"Timely delivery and a strong after sales service helped us achieve such good numbers. In today's time, a good brand with deliveries in past would only sell. Home buyers can no more be lured with mere schemes. Today, a buyer before investing his hard earned money does a lot of due diligence," Gaur said.

Overall, the housing market is facing a multi-year slowdown and demand further fell on adverse impact of demonetisation, RERA and the GST. Since the beginning of this year, demand was showing signs of revival but the current liquidity crisis in NBFCs could be a dampener.

However, sales in the Rs 25-80 lakh price range are good in major eight cities of the country. The ready-to-move-in units that attract nil GST and products of reputed players are in demand.

Gaurs has been developing residential and commercial projects since the last 23 years and has delivered over 40,000 units.

The group is developing a 237-acre township project 'Gaur City' in Greater Noida West (Noida Extension) comprising 25,000 apartments.

A 250-acre township is also being developed on Yamuna Expressway that connects Delhi and Noida to Agra.

The company has also entered the education and hospitality business.

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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, November 18 2018. 12:50 IST