Gaurs Group, a prominent real estate developer, has unveiled its ambitious blueprint to construct over 1,200 mid-luxury apartments in the vicinity of the Delhi-Meerut Expressway, known as National Highway 24, situated in Ghaziabad. The group is committed to injecting substantial resources into this project, with an estimated investment of up to Rs 1,000 crore. Manoj Gaur, the esteemed Chairman and Managing Director, disclosed this strategic endeavor, which is poised for a potential launch by year-end.
In a candid dialogue with Moneycontrol, Gaur shed light on the project’s essence, affirming, “This residential undertaking will epitomize the mid-luxury or affordable luxury domain.” The financial commitment allocated to this mid-luxury housing initiative is projected to range from Rs 800 crore to Rs 1,000 crore.
Wave City, conveniently situated along NH-24, is designated as the site for this avant-garde residential project. However, Gaur opted to withhold specifics concerning the land size earmarked for the development. Over the course of the forthcoming five years, Gaur, who also serves as the Chairman of the Confederation of Real Estate Developers Association of India-National, envisages the progressive realization of this visionary venture.
While market dynamics will influence the pricing of these apartments, Gaur is steadfast in his commitment to ensuring they fall within the affordable luxury bracket. The evolution of preferences post the Covid-19 pandemic has been instrumental in shaping the project’s ethos. Gaur emphasized, “The demand for more spacious residences and expansive communal areas has surged in the aftermath of the pandemic.” In response, meticulous design adaptations are being orchestrated, encompassing enlarged flat dimensions, sprawling balconies, and capacious common areas adorned with expansive clubhouses. Paramount emphasis is being accorded to facilitating verdant open spaces, serene walking zones, and eco-friendly expanses.
Headquartered in Ghaziabad, the Gaurs Group is contemplative about venturing into tier 2 and 3 cities. While acknowledging the latent demand in these emerging locales, Gaur affirmed that any such expansion would be undertaken judiciously. Although prospects for diversification into residential and commercial domains in smaller cities are conceivable, Gaur clarified that no immediate action or proposals are imminent.