Gaurs Group to invest Rs 1,600 crore to build luxury flats in Ghaziabad

Realty firm Gaurs Group will invest around Rs 1,600 crore to develop a new luxury housing project in Ghaziabad, Uttar Pradesh, as part of its plan to expand business amid strong demand.

The company has already launched and sold all 1,216 apartments in this project 'Gaur NYC Residences', which is spread over 12-acre land in Ghaziabad.

"We have sold the entire 1,200 units within three days of launch. The total sales value we generated was Rs 3,100 crore," Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said.

Gaur, who is also Chairman of realtors apex body CREDAI, highlighted that there was a huge demand for this project and the company received more than 3000 expressions of interest from customers who wanted to purchase.

"For transparency, we allotted the flats through lottery conducted live on YouTube platform," Gaur said.

When asked about project cost, he said the total investment will be around Rs 1,600 crore and out of that Rs 1,200 crore would be on pure constructi