Delhi

Supertech to invest Rs 800 cr this fiscal on construction; to deliver 10K flats in FY19

 

The Noida-based realty firm Supertech is planning to invest about Rs 800 cr this fiscal year on construction of various projects to meet its target of delivering 10,000 flats.  The firm is also looking at its sales booking rising to Rs 3,000 cr during 2018-19 fiscal on the back of improved demand especially from ready-to-move-in apartments, its MD Mohit Arora said.

 

Supertech has delivered 40,000 units in the last 30 years and is currently working on 60,000 flats across 35 projects, mostly in Noida, Greater Noida and Gurugram.

 

"We have started delivery in two 44-storey towers of our 'Supernova' project at Noida. This project has total five towers and is being developed at an investment of around Rs 5,500 cr," Supertech Chairman RK Arora told reporters here.

 

The company has built 575 units in these two towers, of which 100 units have been handed over and rest would be done in the next three months. A commercial tower with 10 lakh sqft of leasable area would be completed by end of this year.

 

The 17.5 acre project will also have a 80-storey tower comprising 600 studio apartments and 250 flats and another tower having 250-rooms hotel and 80 Armani-branded residences. About 10 lakh sqft of retail area would also come up in this project. "It will take another 2-3 years to complete the entire project".

 

On overall company's operations, Supertech Chairman said the company is targeting to deliver 10,000 units during 2018-19 fiscal.

 

"We are investing Rs 60-70 cr per month on construction to execute our various projects," Mohit said on the sidelines of the event. He said the construction expenditure would be further scaled-up to about Rs 100 cr a month shortly.  Asked about sales booking, he said: "We expect to be about Rs 3,000 cr this fiscal". The company has a debt of about Rs 2,500 cr.

 

Supertech is looking to raise more funds for project execution. The company had in December last year raised Rs 430 cr from Altico Capital to fund its ongoing housing project in Noida and repay debt. It had raised Rs 350 cr from L&T Finance in September last year to complete its 'Eco-Village 1' housing project, comprising 7,500 units, in Noida Extension.

 

Besides Noida, Greater Noida, and Gurugram, the company has projects in Ghaziabad, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru. 
 

Written by The Realty Paper


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