Realty firm Gaurs Group will invest about Rs 4,000 crore to develop a 17-acre commercial project in Noida as part of its strategy to build rental assets, a top company official said.
Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said the company will develop 5 million (50 lakh) sq ft of commercial space in the upcoming Grade-A project.
"We are planning to develop a large commercial project on Noida Expressway. The total area will be about 5 million sq ft, of which 2.5 million sq ft will be retail, 2 million sq ft office and a hotel with more than 300 keys," Gaur said.
He said the company will develop the project on lease model to boost its annual rental income that currently stands at more than Rs 125 crore.
Asked about investment, Gaur said it will be about Rs 4,000 crore.
The company is targeting to start construction of this project before March 2024.
Gaur said the company will fund investments on existing as well as upcoming projects through internal accruals a
