Realty firm Gaursons and Saviour today said they are jointly developing a 240-acre township in the Noida Extension with an investment of Rs 5,000 crore.
Gaursons and Saviour would develop about 25,000 housing units in the township 'Gaur City' over the next five years.
"We have got about 240 acre land from local authority for township development. We have so far launched 12,000 homes for sale," Gaursons India Ltd Managing Director Manoj Gaur told reporters.
The units are available at an all inclusive price of Rs 3,500-4,000 per sq ft, he added.
"The total cost to develop the township would be about Rs 5,000 crore," Gaur said, adding that the investment would be funded through bank debt, advances from customers and internal accruals from both the partners.
The construction has started in Noida Extension after settlement of land acquisition issues with farmers, he said.
"We will give possession of about 2,500 flats in 2014. The entire township will be completed in the next five years," Gaur said.
Asked about the nature of partnership with Saviour, Gaur said it's a 50:50 joint venture between the two partners.
In the township, he said the company will develop a 18- acre sports complex, shopping malls and multiplexes among other infrastructure facilities.
On completing 18 years of operations, Gaur said that the company would organised a property exhibition for next 60 days for sale of the housing units in this township. It would offer 60 cars and Rs 1 crore as gift in the lucky draw.
Gaursons has delivered many housing projects in last 18 years mostly in Ghaziabad and Noida.