Supertech Raises 275 Crore

Noida Property at Makaan.com

A realty major Supertech has managed to raise 275 crore from popular Indiabulls Housing Finance for the construction of the company’s ongoing projects for property Noida Extension, Greater Noida properties. The real estate company is currently developing around 12 ongoing projects, most are residential property in Noida Extension, Noida and Greater Noida. The 275 crore have been raised as debt and the company can raise the amount if they require more money to construct Greater Noida properties.

The realty major was facing liquidity crunch owning to slowdown in the real estate sector. Supertech has raised the money so that the slow down does not affect construction of Greater Noida property. The real estate company has developed several Greater Noida property, Noida properties, Ghaziabad properties and property in Noida Extension. Now the company plans to expand to other markets as well. Supertech has recently entered the Gurgaon real estate market. The company has bought Rs140 acre land at Sohna in Gurgaon. According to experts the land was bought from Parsvnath, another popular realty group, for Rs 665 crore. The company has also launched a housing project in Bangalore, this project will focus on luxury properties.

Earlier in the year, Supertech had raised around Rs 400 crore from a private equity firm Xander so that it would be able to finance the its upcoming property and housing projects in Gurgaon and integrated township project in Gurgaon. Currently it is estimated that the real estate company has projects amounting to more than Rs 18,000 crores in its platter. The developer has over 90 million sqft land under construction.

Earlier the Noida-based realty company based a major blow after high court had ordered the demolision of it two 40-storyed structure for flouting land rules. The high court had asked the builder to refund money of the people who had bough flats in the two towers.