Gaurs Group to complete 10,964 Amrapali units at Rs 2,124 crore – ET RealEstate

Realty developer Gaurs Group will invest Rs 2,124 crore in three stuck Amrapali projects that it had taken over from state-run NBCC, company’s director Sarthak Gaur told ET.

The group has been awarded contracts for Amrapali Centurian Park, Verona Heights and Heartbeat City with the total inventory of 10,964 flats.

“Having invested in construction over the years, we are increasing our presence in the infrastructure segment and are willing to take government projects,” said Gaur. “Since our expertise is real estate, taking Amrapali projects was a natural option. We are looking to increase our construction portfolio to Rs 7,000 crore in five years.”

Gaurs Group, which has delivered over 50 commercial and residential projects spreading over 55 million sq ft, is not executing any large-scale project currently.

The group wants to diversify towards infrastructure.

“The government has shifted its focus on the infrastructure segment and as a group, we have also decided to diversify. We have no large-scale real estate projects as of now and we have sold the majority of our under construction inventory. In the Amrapali projects, we are only executing it and responsibility of sales lies with NBCC,” said Gaur.

The group’s wholly-owned subsidiary, GaursonsHitech Infrastructure Pvt Ltd, is executing these projects.

NBCC is involved in the completion of 23 housing projects of Amrapali. The estimated cost of completing these projects is about Rs 8,500 crore.

The state-run company has divided the stuck Amrapali projects into three categories and delivery of flats will start soon.

As per the schedule, accessed by ET, over 10,000 homebuyers, who will get the possession by June 2021, will have to pay the remaining amount in four instalments of 25% each.

The rest of the homebuyers are allowed to pay in 10 instalments of 10%, as per the delivery schedule.

“We raise a monthly bill to NBCC depending on the construction done. We are meeting the construction cost through internal accruals and bank guarantees. The projects will be completed within 36 months of the allotment of the tender,” Gaur added.



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