The NCR-based Gorus Group, which completes 30 years this year, plans to launch its initial public offering (IPO) in the next year or two even as it develops more ultra-luxury housing, office, hotel , schools, retail, sports and hotel projects in the near future.
“We are planning to launch our IPO in the next one or two years,” said Manoj Gaur, Chairman and Managing Director, Gorus Group.
He said demand in the real estate market remains strong and the company plans to launch projects across verticals – housing, commercial, hotel, school, retail and sports.
The company is looking to add more land parcels to its portfolio.
It recently launched a 12-acre luxury project in Ghaziabad with around 1,200 apartments at unit prices starting at Rs. ₹2 crores. A luxury housing project named 'Gaur NYC Residences' was sold in three days with a total sales value of Rs. ₹3,100 crores.
Also read: The NCR-based Gorus Group expects revenue of approx. ₹3000 crore from its ultra-luxury project in Ghaziabad
He said that the company is expected to launch another ultra-luxury project in the NCR market soon.
The demand for luxury housing is increasing.
Asked why the launch of ultra-luxury projects in Noida and Ghaziabad has been accelerating, Gore told HT.com that luxury housing has taken off in a big way post-pandemic as homebuyers look for bigger ones with better amenities. Willing to go home.
“Earlier the competition focused on how to make homes more affordable but now it's about how many amenities a developer can offer. Most consumers are now focusing on lifestyle rather than a roof over their head. Real estate developers are now financially conscious of closing projects quickly and delivering projects on time,” he said.
Of late, Noida-based developers are launching projects for more than that. ₹5 crore limit. This is because land has become scarce in Noida. The supply of land parcels in Noida has dried up. Also, developers now have to pay upfront for the land. Second, the master plan specifies that only 19% of the land can be used for residential projects. All these factors have pushed land prices through the roof, which has impacted the prices of new launches,” he explained.
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“Some small-sized plots can still be bought from banks or through bankruptcy in Noida. To make these projects financially viable, developers are forced to come up with ultra-luxury projects with high specifications. Start and vertical, sometimes up to 30 stories high,” he said.
Who is buying? ₹5 crore house?
Gaur said that the buyers of the flats are more than the price. ₹5 crore includes those who are upgrading from their parents' house in Delhi or NCR and those who have made money either through the stock market or through real estate investments.
“These are mainly end-users, people who are making profits from the real estate market. Some people are selling family homes in Delhi, Noida or Ghaziabad to move to a gated community project that is upscale. offers amenities,” he said, adding that people are willing to pay a premium for an address that comes with luxury amenities.
Asked if this could lead to a 'bubble' in the real estate market, he said, “It won't create a bubble. In Noida, Greater Noida and Ghaziabad, the total inventory of ultra-luxury homes is over 5,000 units. Not much. Also, developers are not rushing to start many projects. Developers are starting less projects than in the past He further said that there is more focus on timely delivery of quality projects.