Realty firm Supertech has raised Rs 430 crore from Altico Capital to fund its ongoing housing project in Noida and repay debt.
In September, the company had raised Rs 350 crore from L&T Finance to complete its 'Eco-Village 1' housing project, comprising 7,500 units, in Noida Extension.
This is the first investment by Altico Capital in Supertech projects.
"Altico Capital has invested Rs 430 crore in a Noida project being developed by Supertech group," the two companies said in a joint statement.
Altico Capital CEO Sanjay Grewal said the company has partnered Supertech group, which is one of the largest real estate developers in NCR, having delivered more than 40 million sqft of residential and commercial projects.
Grewal said the investment is towards the development of Supertech's Capetown project in Sector-74, Noida, which includes ORB and CapeLuxe Towers. The part of this funding would be utilised for refinancing an existing lender.
Announcing the investment, Supertech Chairman R K Arora said: "This investment will enable us to deliver our projects in Sector 74 of Noida, with an aim to deliver ORB within 18-24 months."
Supertech Capetown is one of the largest group housing projects of NCR with 8,000 residential units. This project is an advanced stage project totalling around 11 million sq ft, of which around 5.5 million sq ft has been delivered and possession has been handed over for over 4,300 units.
"Altico's funding is for a part of the Capetown’s luxury phase, totalling around 2.3 million sq ft spread over 7 residential towers including ORB and CapeLuxe, as well as completed retail inventory," the statement said.
Supertech is focusing on delivery of projects and has handed over more than 22,000 homes in the last 3 years. It is working towards achieving delivery target of 10,000 homes this fiscal.
Its sales bookings fell to about Rs 1,500 crore last fiscal from around Rs 3,000 crore in the previous year. But the company expects sales to improve this fiscal.
The company has projects in Noida, Greater Noida, Ghaziabad, Gurugram, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru.source: moneycontrol