NEW DELHI: Realty firm Supertech will invest around Rs 2,500 crore to complete 15,000 housing units across various projects in Delhi-NCR this fiscal, even as its sales took a 50 per cent hit due to lower demand post note ban.
The Noida-based realty firm delivered 8,500 units last fiscal and is targeting to complete 15,000 units in 2017-18.
"Our sales booking stood at about Rs 1,500 crore during 2016-17 as against Rs 3,000 crore in the previous year. There is a demand slowdown in the property market. Demonetisation also affected demand but sales have started to improve," Supertech Managing Director Mohit Arora told PTI.
He said the company has delivered 20,000 units in the last three fiscals and is now focusing on completing ongoing projects.
"In the current financial year, we are targeting to hand over 15,000 housing units. To complete these units, we will need about Rs 2,500 crore," Arora said, adding the investment will be funded through internal accruals and debt.
He said the company has receivables of Rs 4,000 crore from the customers against sold units.Supertech Chairman R K Arora said the company's projects have been delayed by few years due to various reasons but now the company is focusing on delivering these units. Gong forward, he said, the company plans to launch affordable housing projects comprising 40,000 units at an investment of Rs 3,500-4,000 crore. "We have signed an MoU with CREDAI for 20,000 affordable homes. We have land bank and will not buy extra land. We are tweaking building plans to comply with the conditions specified under the Prime Minister Awaas Yojana," Arora told reporters. The affordable housing has huge demand, he said.
Superetch has projects in Noida, Greater Noida, Ghaziabad, Gurugram, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru.source: indiatimes