Assotech, Supertech JV to invest Rs850 crore

Assotech, Supertech JV to invest Rs850 crore

New Delhi: Aiming to tap growing opportunities in the tier II cities, real estate firms Assotech Realty Pvt. Ltd and Supertech Ltd have joined hands to develop a 47 acre integrated township in Uttarakhand with an investment of Rs850 crore.

The two companies have formed a 50:50 joint venture to develop the “Metropolis Cities" township at Rudrapur. The joint venture had secured the land from the state government through an auction last year.

“We are developing an integrated township at Rudrapur, which would mainly comprise about 2,000 apartments, a five-star hotel and about 1.6 lakh sq. ft of retail space.

The total investment in the project is estimated at Rs850 crore," Assotech managing director Sanjeev Srivastva said. PTI