Mumbai: Non-banking financial company Altico Capital India Ltd said on Friday that it has invested Rs430 crore in two residential projects being developed by Noida-based Supertech Ltd in the National Capital Region (NCR).
The bulk of the funds would be used to finance Supertech’s Cape Town and ORB projects while a part of it would be utilized for refinancing an existing lender, the company said in a statement.
“This is Altico’s first investment with the group and is largely towards the development of Supertech’s Cape Town project in Sector-74, Noida, which incudes ORB and CapeLuxe Towers," said Sanjay Grewal, chief executive officer, Altico Capital.
Supertech’s Cape Town is one of the largest group housing projects in NCR with 8,000 residential units. Spread across around 11 million sq. ft, the project has various components ranging from mid-market to premium and luxury residential apartments, along with some retail space.
So far around 5.5 million sq. ft has been delivered to customers, said the real estate firm, which has delivered 22,000 homes in the last three years and expects to build around 10,000 homes by March 2018.
R.K. Arora, chairman, Supertech 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."
Promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, Altico Capital has been aggressively scouting for opportunities to invest both in the residential and commercial space. It had said that it expected to deploy Rs3,000 crore in the later part of this financial year.