Supertech Cape Town Noida

Supertech Cape Town Noida

Supertech Cape Town Noida

New Delhi: Realty firm Supertech Ltd on Wednesday announced an investment of Rs two,000 crore to develop a housing project in Noida. It's also looking to lift up to Rs one,000 crore through private equity at entity or comes level.

"We tend to will invest Rs a pair of,000 crore to develop a residential complicated -- Supertech Cape Town Noida in two phases. The 50-acre project will have seven,000 units," Supertech chairman and managing director R K Arora told reporters here.

The Noida-primarily based firm would offer flats in an exceedingly worth vary of Rs 23.5 lakh to Rs 60 lakh. It has fastened the selling worth at Rs two,990 per sq ft. Arora said the company is at gift building 16 comes, which would involve an investment of Rs 10,000 crore over the subsequent three years. When asked about the source of funding, he said: "It would be done through internal accruals, advances from customers and debt from banks".

Besides, the corporate is wanting at raising foreign direct investment, which could be at an entity or projects level, Arora said. "Our aim is to boost up to Rs 1,000 crore through sale of equity at project or company level," he added. He said some foreign funds are interested in choosing up stake at various projects, while some are willing to possess a share within the company.

"At project level, the stake dilution might vary, however we tend to can dilute up to 25 per cent at the company," Arora said, adding Supertech is at gift held entirely by the promoters. He said the company can finalise the deals among next 3 months.

Asked if the company would think about raising fund via an initial public supply (IPO), Arora said: "We have a tendency to have started making ready for an IPO but it will take some time. We tend to could come back with the IPO in the next one-and-a-[*fr1] years." The national capital region-primarily based developer is currently developing over sixteen comes, mainly in North India. A number of its residential projects are located across Noida, Haridwar, Rudrapur and Meerut, while the business properties can be developed at Haridwar, Rudrapur and Meerut.

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