Supertech to invest Rs1,500 crore to complete all ongoing projects this fiscal year
Mumbai: Real estate firm Supertech Ltd on Thursday said it will spend Rs1,500 crore on construction and other activities to expedite completion of all its ongoing projects by the end of this financial year.
The announcement comes at a time when most developers in the country are grappling to stay compliant with the new stringent real estate law that took effect on 1 May.
The Noida-based company said it aims to deliver around 15,000 units across projects in the National Capital Region (NCR), north India and Bengaluru by March 2018. The investment would be funded by internal accruals.
The company is in the process of fast-tracking all its projects by deploying advanced construction technologies such as modular pre-cast slabs along with increasing labour deployment to 13,000 from the current 10,000.
“We are committed to put our efforts to complete all our ongoing projects in the stipulated time frame. The company is targeting to collect approximately Rs1,500 crore against final payments from customers who are getting possession in one year,” said R.K. Arora, chairman, Supertech Ltd in a statement.
The company attributed the delay in completion of residential projects to slow pick-up in demand in the last three years apart from “other policy paralysis.
“However, recent policy reforms like – demonetization, Benami Transactions (Prohibition) Amended Act, 2016 , RERA undertaken by the government would be instrumental in reinstating the confidence of the end users in the real estate sector and pave path for economic growth,” the company said.
Real estate developers should capitalize on the opportunity by focusing on delivering the ongoing projects to the customers instead of launching new projects, it added.