Supertech to invest Rs750 crore to develop retail space in Delhi-NCR
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Mumbai: Real estate firm Supertech Ltd said on Monday that it will invest Rs750 crore to develop 25 lakh sq.ft retail and commercial space in Delhi-National Capital Region (NCR) in the next two-three years.
The development will take place in Supertech’s ongoing commercial projects—Supernova, E square and North Eye—the Noida-based company said in a statement adding that the investment will be funded by internal accruals.
Almost 400 national and international brands will have their retail presence in these projects which are located in Noida and Noida-Greater Noida Expressway, it added.
“Retail segment in India is gaining momentum and Supertech is gearing up to capitalise the opportunity by expanding its retail footprint in Delhi NCR region,”said Mohit Arora, director, Supertech Ltd.
The company has also appointed Vijay Kapoor as CEO of its retail and commercial business. Kapoor has worked with PVR, Eros, in the past and has 25 years of experience which will be instrumental in driving the retail business segment, Arora said.
India’s retail market is expected to nearly double to $1 trillion by 2020 from $600 billion in 2015, driven by income growth and urbanisation, the company said.