Supertech Raises Rs 100 crore from Indiabulls Real Estate
Supertech has raised Rs 100 crore from Indiabulls Real Estate Fund to quicken the pace of construction of its housing projects.
The real estate company claims it will deliver 16,000 apartments in its projects in Noida, Greater Noida, Gurgaon, Yamuna Expressway, Meerut and Rudrapur by the end of this financial year.
RK Arora, managing director of Supertech, confirmed that the company has issued non-convertible debentures worth Rs 100 crore to Indiabulls Real Estate.
An email questionnaire sent to Indiabulls Real Estate (IBREL) did not elicit any response till press time.
Real estate companies in the National Capital Region are seeking to raise funds to finish construction or repay expensive debt. Earlier this month, Gurgaon-based builder Orris Infrastructure raised Rs 325 crore from non-banking finance company IndoStar Capital by issuing unlisted non-convertible debentures to it. Orris used the funds raised to retire high cost debt it had taken from Xander and Religare.
Before that, Noidabased ATS Infrastructure had raised Rs 130 crore from ICICI Prudential AMC, Ghaziabadbased Saya Group had raised Rs 200 crore from Edelweiss, and Bestech Group had raised Rs 150 crore from JP Morgan.
“We are not launching any new projects. We will focus on speeding up construction and delivery this year,” said Arora.
Many housing projects in the Noida area are delayed because of the overall slowdown in the real estate sector, a liquidity crunch among developers as well as because of a ban on construction imposed in some areas by the National Green Tribunal.
“Completing and delivering these projects will certainly improve sentiments among buyers,” he said.
Supertech had raised about Rs 150 crore from Kotak Realty Fund for its Gurgaon project earlier this year. Last year, it had raised `400 crore from Xander for a project .in Gurgaon.
Home sales in the NCR market have been slow for sometime now and builders are betting on the upcoming festive season to give it a push.Both buyers and builders are hoping for a dip in home loan rates that would likely trigger buying activity but only if the economy too improves alongside. At present, builders are trying to entice home buyers with lucrative payment plans.