Realty firm Gaursons today said it has bought 300 acre land on Yamuna Expressway in Greater Noida from Jaypee group for over Rs 1,500 crore to develop an integrated township.
Ghaziabad-based company would launch the township by end of this year and plans to construct about 15,000 apartments in affordable segment.
“We have purchased 300 acre land from Jaypee Group on Yamuna Expressway for more than Rs 1,500 crore. The agreement between the two companies has already been signed,” Gaursons India Managing Director Manoj Gaur told PTI.
Jaypee Group has about 4,000 acre land alongside Yamuna Expressway, which was built by them only.
Gaur said the company has already paid about 25 per cent of the total amount of the deal.
Asked about the source of the funding, he said it is through bank loans and internal accruals.
“We will launch the township in six months. the project will have about 15,000 flats, plots, school, hospitals and other infrastructure facilities,” Gaur said, adding that the flats would be in the range of Rs 25-40 lakh.
The township would be in the vicinity of Jaypee group’s F1 Track, Gaur said. He also noted that land is clear as Jaypee Group has taken it from the authority.
Gaursons has big presence in the Ghaziabad, Noida and Greater Noida region.
It is currently developing a 240-acre township ‘Gaur City’ in Noida Extension in partnership with another realty firm Saviour. About 25,000 housing units are being developed in this township at an investment of about Rs 5,000 crore.
Gaursons is also part of township ‘Crossing Republik’ in Ghaziabad, being constructed jointly by seven developers.