Gaurs Group has acquired 18 acres of land in Sector 129 of Noida and a stalled project in Jaypee Greens, Greater Noida, together for about ₹700 crore, three people aware of the deal said.
The Noida land will be used for a Grade-A retail and office project. At Jaypee Greens, the real estate company will develop and deliver two stalled residential towers, along with the creation of an additional 1.5 million sq ft of space, the people said.
Gaurs Group chairman Manoj Gaur confirmed the transactions and said both land parcels were situated in prime locations and would be utilised accordingly.
“There is potential for residential development on the Sector 129 land, and we are currently in the planning phase. Given its prominent location on the main Noida Expressway, we will undoubtedly incorporate office and retail components as well,” said Gaur.
Last year, the Gaurs Group acquired a land parcel in Jaypee Greens for ₹200 crore to develop a luxury group housing complex. The company launched a luxury project, ‘The Island’, spread over 1.3 million sq ft with an additional investment of ₹500 crore.
The land at Jaypee Greens it acquired now is near to this project. It has paid ₹200 crore for the land parcel.
The Gaurs Group had announced an investment of about ₹10,000 crore over a five-year period in the National Capital Region.