Supertech to invest Rs 800cr this fiscal on construction to deliver 10K flats in FY'19

Supertech to invest Rs 800cr this fiscal on construction to deliver 10K flats in FY'19

Supertech to invest Rs 800cr this fiscal on construction to deliver 10K flats in FY'19

New Delhi, Aug 17 () Realty firm Supertech will invest about Rs 800 crore this fiscal year on construction of various projects to achieve targeted delivery of 10,000 flats, a top company official said today.

Noida-based firm is also eyeing its sales booking to rise to Rs 3,000 crore 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 crore," 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 sq ft 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 sq ft 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 crore per month on construction to execute our various projects," Mohit said on the sidelines of the event.

He said the construction spend would be further scaled-up to about Rs 100 crore a month shortly.

Asked about sales booking, he said: "We expect to be about Rs 3,000 crore this fiscal". The company has a debt of about Rs 2,500 crore.

Supertech is looking to raise more funds for project execution. The company had in December last year raised Rs 430 crore from Altico Capital to fund its ongoing housing project in Noida and repay debt. It had raised Rs 350 crore 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 Gurugra, the company has projects in Ghaziabad, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru. MJH MR MR

source: indiatimes