Supertech will deliver possession of 10,000 flats by the end of this financial year, by March 2018. This is the highest delivery by one developer in a year and also in line with the directive from the Uttar Pradesh Chief Minister Yogi Adityanath yesterday, when he asked developers to deliver 50,000 houses in the next three months.
Additionally, it is also launching the Sports Village along the Yamuna Expressway where it has received environment clearance. Here villas and apartments, upwards of 950 sq ft, are being launched at Rs 3,500 per sq ft. Just 5-7 minutes from Noida Extension and 10 minutes from Pari Chowk, with future access to the metro as well, this is to cater to the growing demand for affordable and mid-segment houses.
Speaking about the group's strategies in a chat with select journalists in Noida today, Chairman RK Arora said this confidence has come after the Chief Minister’s assurance that development authorities in Noida, Greater Noida and Yamuna Expressway would speed up completion certificates. Supertech currently has 1000 flats in Noida, 5000 in Greater Noida and 1000 in Yamuna Expressway, completed and awaiting completion certificates. Clearly, if delivery of flats and registration with RERA authorities is going to be the benchmarks that will determine success in real estate, Supertech is determined to tick both the checkboxes.
This was possible only because the group had started creating escrow accounts for funds in every project, the promoters say. Since project funds were separate they were able to keep executing. Today, once the 7-8 projects are handed over, receivables to the tune of Rs 1000 crore is expected to come in, clearing the funds for more completions.
Speed of construction was affected because the group also invested in technologies to fast-track projects, says Mohit Arora. Setting up its own pre-cast elements plant in Greater Noida has helped complete the Nova East and West Phase-1 which will start getting delivered by Diwali in October this year. Additionally, the group has also declared that Supernova tower of 80 floors would be constructed with jump-form technology and an additional adoption of tunnel form technology which allows them to build 3-4 floors daily.
Mohit also noted that the demand for mid-segment and affordable homes has increased significantly and has reached that of three years ago. Declaring that at least 90% of all buyers today are end users, the effort is to make sure that the localities are liveable at the time of hand-over. "End users in the Rs 25-70 lakh budget would look for immediate occupancy and liveability," he said. In Noida,
the effort has been to tie up with Noida Transport authorities to provide public transport to these sectors, supply of Ganga water and waste management. In Gurgaon, on the other hand, the group is working on creating sector roads from the Southern Peripheral Road to Sectors 78 and 79 in lieu of the External Development Charges (EDC) that are to be paid to the authorities. The Letter of Intent for this project is expected soon, said Mohit.
This announcement comes hard on the heels of an announcement earlier in the week that Supertech is 100% RERA complaint in all four states that it operates in – UP, Haryana, Karnataka and Uttarakhand. "You can now check on the status of all Supertech projects online," says Director Mohit Arora.
The new issue that has been addressed is the carpet area disclosure that RERA demands. Clubbed with the fact that all Supertech projects are to be rated green by either the IGBC or Griha, the group seems determined to ensure that the blotted copy-book of developers gets cleaned by action on the ground.source: magicbricks