Supertech to invest Rs2,500 cr to develop ongoing projects

Supertech to invest Rs2,500 cr to develop ongoing projects

New Delhi: Realty firm Supertech said on 27 December it will invest about Rs2,500 crore over the next four years to develop its various ongoing projects in Uttar Pradesh and Uttaranchal.

“We have more than ten projects in hand comprising group housing, integrated townships, hotels and shopping malls," Supertech chairman and managing director R K Arora said.

These projects are located in Noida, Greater Noida, Ghaziabad, Meerut, Rudrapur, Moradabad and Haridwar.

Asked about the cost incurred on these projects, Arora said it would be about 2,500 crore, including land, construction and other expenses.

The Noida-based firm will fund 50% of investments through debt, he said, adding that the remaining would be managed through internal accruals and advances from customers.

Supertech is also looking at raising funds from private equity for its 51-acre integrated township at Meerut. The company plans to develop about 3,000 apartments and 10 lakh sq ft of commercial area at an investment of about Rs500 crore.

Elaborating on other projects, Arora said the company has recently launched a 12.5 acre housing project in Noida where it will develop 1,700 flats by 2012 at a cost of Rs600 crore.

Supertech is constructing 1,500 apartments in Greater Noida at an investment of Rs500 crore. It is building another housing project, comprising 350 units, in the heart of Noida at an investment of Rs120 crore.