Gaurs raises Rs 450 crore from ICICI Bank for Greater Noida shopping mall

Realty firm Gaurs Group has raised Rs 450 crore in debt from ICICI Bank and the amount will be used for a shopping mall project in Greater Noida.

The project 'Gaur City Mall' is part of 237-acre township 'Gaur City'.

"We have successfully closed Rs 450-crore transaction with leading private sector lender ICICI Bank for our Gaur City Mall," Gaurs Group MD Manoj Gaur said.

"The transaction will cut down our interest cost and make our portfolio stronger as one-third of our total corporate loans will be LRD/LAP (loan against rental discounting/loan against property)," he added

The group has repaid a major part of the Rs 640-crore funding facility it availed from PNB Housing Finance Ltd last year.

Gaur City Mall project has a leasable area of 8.5 lakh sq ft. It also has 1,200 office spaces, 180 rooms-hotel and 120 service apartments.

"At a time, when the real estate sector is passing through a challenging phase, the trust and confidence that ICICI Bank has shown in our Group offerings speaks volume about our robust business performance and strong credentials," said Vineet Singhal, Group CFO at Gaurs.

Besides Gaur City township, Gaurs is developing another township on Yamuna Expressway on a 250-acre land which it purchased from Jaypee Group in 2013.

Founded in 1995, Gaurs Group has developed more than 45 commercial and residential projects, having 51 million sq ft area.