The Noida-based realty firm Supertech has raised Rs 350 cr from L&T Finance to fund an ongoing housing project in Greater Noida. The firm also has plan afoot to launch a sports-centric housing project in Noida Extension (Greater Noida - West) in the next month where it would develop over 4,500 flats/villas at a total cost of Rs 1,100 cr.
"We have raised Rs 350 cr from L&T Finance for our Eco Village-I project at Noida Extension," said Supertech MD Mohit Arora. The company is looking to develop some 7,500 flats in this project, he added. Supertech Chairman R K Arora said the money raised is in the form of debt. The company has already successfully delivered 2,000 flats in the Eco Village-I project and the new fund will be utilised towards completing the remaining 5,500 apartments, he added.
Supertech has two more projects in Noida Extension -- Eco Village II and Eco Village III comprising 7,500 and 5,000 apartments, respectively. In all, through these projects the company is developing around 20,000 flats, of which 16,000 units have been already sold.
Mohit Arora said the company is focusing on delivery of existing projects and has targeted to complete 10,000 flats annually for the next 4-5 years. The company has already delivered 20,000 units in the last three financial years, he added.
Regarding sales, he said the company is expecting bookings to bounce back this year on the back of increased demand for affordable homes in the Delhi-NCR market after the host of incentives announced by the government for low-cost homes.
Its sales had fallen to about Rs 1,500 cr last fiscal from around Rs 3,000 cr in the previous year.
Supertech has projects in Noida, Greater Noida, Ghaziabad, Gurugram, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru.
L&T Finance is the financial services arm of engineering major L&T.