Supertech to raise ₹2,300 crore to deliver 7,000 flats
Realty firm Supertech Limited on Wednesday said it will sell a cumulative 125 acres to raise ₹2,300 crore required to complete at least 7,000 delayed flats this year.
The company said it struggled to raise funds with banks not keen on funding the real estate sector.
The 125 acres is not a single plot, but several plots spread across Greater Noida, Yamuna Express way, Ghaziabad, Meerut and Rudrarup in Uttar Pradesh, and Gurugram in Haryana. The company said it will carve out smaller residential plots and sell them.
“There has been much demand among homebuyers for plots. We hope to raise ₹2,300 crore in selling the land that we have. We will repay ₹1,000 crore loan from banks, clear the ₹300 crore dues with the Greater Noida Authority and use the remaining ₹1,000 crore to finish 7,000 residential units,” said RK Arora, chairman of Supertech Limited.
The company has 21 acres in Greater Noida, 19 acres in Yamuna Expressway, six acres in Ghaziabad, around 40 acres in Gurugram and the rest in Meerut and Rudrapur.
“We had reserved these lands to be used in future for group housing purposes. But we will carve out plots in view of rising need for the plotted development. We will develop roads, drains, parks and other basic facilities at earliest in areas, where we will offer plots to buyers,” said Arora.