Gaurs Group raises ₹440 crore via NCDs to fund realty, expansion plans

Delhi NCR-based Gaurs Group raised Rs 440 crore via NCDs subscribed by three mutual funds to fund land acquisition, project execution and refinancing, with debentures to list on NSE

Delhi NCR-based realty firm Gaurs Group on Monday said it has raised Rs 440 crore through the issue of non-convertible debentures (NCDs) for land acquisition and building projects.

 

Who subscribed to the NCD issue, and how was it raised?

 

The NCDs have been subscribed by three leading mutual funds in the country, with the process completed over a period of nearly three months, according to people in the know.

 

How will Gaurs Group use the proceeds?

 

Proceeds from the issue will be utilised for the group’s business requirements, including land acquisition, construction and project execution, repayment of higher-cost borrowings, and general corporate purposes.

 

 

“Since the funds have been raised at the holding company level, they will also provide liquidity and financial flexibility to the group’s operating subsidiaries,” the developer said in a statement.

 

Gaurs Group director Sarthak Gaur added that the subscription provides it with greater flexibility to support expansion while maintaining a prudent capital structure.

 

“The successful subscription of the NCD issue underscores the group’s financial resilience and its growing credibility with institutional investors,” he added.

 

What role did Kotak Mahindra Bank play, and where will the debentures be listed?

 

Kotak Mahindra Bank acted as the sole arranger for the transaction. The debentures, issued by the group’s holding company Gaursons India Pvt Ltd, will be listed on the National Stock Exchange (NSE).

 

How does the group view its expansion plans and cost of capital?

 

While not elaborating on plans, Vineet Singhal, chief financial officer at Gaurs Group, said the funds will support the firm’s expansion plans and help it accelerate execution across projects while optimising cost of capital.

 

What does ICRA data show on the group’s debt and collections outlook?

 

The group’s total external debt stood at around Rs 2,086 crore as of August 2025, up from Rs 1,617 crore as of March 2025, according to a report by credit rating agency Icra.

 

However, its collections are projected to improve by 30 to 32 per cent in FY26 from Rs 1,695 crore recorded for FY25.

 

What is Gaurs Group’s project track record and recent launches?

 

Gaurs Group has so far developed more than 100 million square feet (msf). It has delivered 75,000 units across 70 projects, spanning luxury residential, commercial and retail developments.

 

The developer’s recently launched projects include the luxury residential project Gaur Chrysalis in Sector 22-D, Yamuna Expressway; Gaur NYC Residences in Ghaziabad; and The Legacy in Greater Noida.

 

In addition, its commercial projects, Gaur City Mall and Gaur Central Mall, have around 92 per cent occupancy, with a leasable area of 1.04 msf as of June 2025, which is estimated to generate annualised rentals of Rs 130 to 135 crore.