Realty firm Gaurs group has raised Rs 640 crore from PNB Housing Finance Ltd as debt for the construction of its two ongoing projects in Greater Noida.
The company would utilise the fund to complete its commercial project 'Gaur City Mall' and a housing project '7th Avenue' at Greater Noida West, also known as Noida Extension, in the National Capital Region (NCR). These two projects are part of 237-acre township 'Gaur City'.
"PNB Housing Finance has been our partner and we have been working closely with them for years now. We have raised Rs 640 crore at a very competitive rate," Gaurs group MD Manoj Gaur said.
Gaur City Mall project has a leasable area of 8 lakh sq ft. It also has 1,300 office spaces, 295 rooms-hotel and 120 service apartments. The 7th Avenue project has around 3,000 housing units.
"We have been developing residential and commercial projects for 23 years and have delivered over 40,000 units," he said.
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The group is developing projects in Noida, Greater Noida West, Ghaziabad and Yamuna Expressway. It is developing a 250 acre township 'Gaur Yamuna City' on Yamuna Expressway that connects Noida with Agra.
The company has also entered the education and hospitality businesses.
Gaurs group had earlier said that it sold over 5,000 units in the first six months of this fiscal year and the momentum continued during the festive season.
The company sold 1,012 housing units worth about Rs 400 crore during the Navratri and Diwali festival season. The average selling price was about Rs 40 lakh per unit.
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