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Gaurs Group has roped in finance, tax and legal consultants to prepare for the IPO.
Realty firm Gaurs Group is planning to launch its Initial Public Offering ( IPO) in the next 18 months as it looks to expand business amid strong consumer demand, its CMD Manoj Gaur said on Tuesday.
Byoued by the successful launch of its luxury housing project in Ghaziabad clocking Rs 3,100 crore sales in three days, Gaur said the company has set a target to expand its business of development of housing projects across the Delhi-NCR market.
He said the company will also develop commercial assets, including malls, hotels, office spaces and schools/colleges to generate stable rental income.
“We are planning to launch our IPO in the next 18 months. Internally, we have started the preparation to get listed on the stock exchanges,” Gaur told PTI.
He noted that both property and stock markets are performing well.
“We strongly believe that demand in the real estate market will continue to be strong. So, there is a huge potential for expansion and growth,” said Gaur, who is also Chairman of realtors apex body CREDAI.
He said the company has a land bank for the development of real estate projects and is continuously exploring to add more land parcels in its portfolio.
Gaurs Group has roped in finance, tax and legal consultants to prepare for the IPO, but has not yet appointed merchant bankers.
With a legacy spanning over 3 decades, Gaurs Group (formerly Gaursons India Ltd) has developed over 65 million sq ft and delivered 65,000 units.
The Group has also ventured into allied verticals of shopping malls, schools, hotels, solar plants and construction.
The Group has delivered 3 townships till date out of which the notable one is Gaur City in Noida Extension which is home to almost 30,000 families currently.
Earlier this month, Gaur said the company launched a 12 acre luxury housing project at Ghaziabad comprising around 1,200 units and the entire project was sold in three days with a total sales value of Rs 3,100 crore.
He said the company will invest around Rs 1,600 crore to develop this new luxury housing project ‘Gaur NYC Residences’ in Ghaziabad, Uttar Pradesh.
Gaur highlighted that there was a huge demand for this project and the company received more than 3,000 expressions of interest from customers who wanted to purchase.
The demand for residential properties, especially luxury homes, has surged post-COVID pandemic.
Builders having a decent track record of executing projects are witnessing huge demand for their properties.
According to data analytic firm PropEquity, housing sales in Delhi-NCR rose to 10,198 units during April-June this year from 9,635 units in the year-ago period.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 17 2024 | 12:47 PM IST
