BackSupertech to invest ₹800 crore this fiscal on various projects to deliver 10,000 flats
Supertech eyes rise in sales booking to 3,000 crore during 2018-19 fiscal on the back of improved demand especially from ready-to-move-in apartments
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New Delhi: Realty firm Supertech will invest about ₹ 800 crore this fiscal year on construction of various projects to achieve targeted delivery of 10,000 flats, a top company official said on Friday.
Noida-based firm is also eyeing its sales booking to rise to ₹ 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 ₹ 5,500 crore," Supertech chairman R.K. 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 ₹ 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 ₹ 100 crore a month shortly.
Asked about sales booking, he said: “We expect to be about ₹ 3,000 crore this fiscal." The company has a debt of about ₹ 2,500 crore.
Supertech is looking to raise more funds for project execution. The company had in December last year raised ₹ 430 crore from Altico Capital to fund its ongoing housing project in Noida and repay debt. It had raised ₹ 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 Gurugram, the company has projects in Ghaziabad, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru.
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