Gaurs sells 5,000 properties worth Rs 2,000 cr in last 4 months

Gaurs group has sold more than 5,000 housing and commercial units, estimated to be worth Rs 2,000 crore, during the April-July period of the current fiscal in Noida, Greater Noida and Ghaziabad, on rising demand for ready-to-move-in flats.

The realty firm said in a statement that it has "sold over 5,000 units within a span over 4 months. These 5000+ properties, which are both residential and commercial, have resulted in sales of a total area of 4.5 million sq ft".

The company did not disclose the sale value in the statement.

According to property market experts, the sales value of about 5,000 units is estimated to be around Rs 2,000 crore.

The bulk of sales have been achieved in its 237-acre township project 'Gaur City' in Greater Noida West (Noida Extension) where the company has developed 25,000 apartments.

These flats now are ready to move in and over 12,000 families have already moved into it, the company said.

To boost sales, the group had launched multiple schemes across all projects though majorly focusing on its township project in Greater Noida West.

"Indian real estate is a very buoyant market. With RERA and the GST both getting implemented quite well, the buyers are back in the market. People have faith over developers who have delivered in past and who have been constructing the projects against all odds. This market will now be an end user market which would actually be the most sustainable," Gaurs group MD Manoj Gaur said.

The demand for ready to move in apartments is huge, said Gaur, who is also the Vice President of realtors body CREDAI-National.

The completed units are exempted from GST, while the under-construction units attract 12 per cent GST. The GST on affordable housing, however, is only 8 per cent.

He said the company plans to launch 1-2 projects every quarter seeing tremendous response from the customer.

Gaurs Group has been developing residential and commercial projects since last 23 years and has delivered over 40,000 units. The group today is developing many projects in the NCR. It has also entered into education and hospitality businesses.