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Gaurs raises Rs 450 cr in debt for Greater Noida shopping mall

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Realty firm has raised Rs 450 crore in debt from ICICI Bank and the amount will be used for a shopping mall project in Greater Noida. The project ‘Gaur City Mall’ is part of 237-acre township ‘Gaur City’.

Gaurs raises Rs 450 cr in debt for Greater Noida shopping mall

“We have successfully closed Rs 450-crore transaction with leading private sector lender ICICI Bank for our Gaur City Mall,” , MD, Gaurs Group was quoted by PTI as saying.

“The transaction will cut down our interest cost and make our portfolio stronger as one-third of our total corporate loans will be LRD/LAP (loan against rental discounting/loan against property),” he was further quoted by PTI as saying.

The group has repaid a major part of the Rs 640 crore funding facility it availed from PNB Housing Finance Ltd last year.

Gaur City Mall project has a leasable area of 8.5 lakh sq.ft. It also has 1,200 office spaces, 180 rooms-hotel and 120 service apartments.

“At a time, when the real estate sector is passing through a challenging phase, the trust and confidence that ICICI Bank has shown in our Group offerings speaks volume about our robust business performance and strong credentials,” , Group CFO at Gaurs was quoted by PTI as saying.

Besides Gaur City township, Gaurs is developing another township on Yamuna Expressway on a 250 acre land which it purchased from Jaypee Group in 2013.

Founded in 1995, Gaurs Group has developed more than 45 commercial and residential projects, having 51 million sq.ft. area.