Supertech to sell assets to fund completion of NCR homes
Real estate firm Supertech is looking to sell its assets to raise fund for completing about 20,000 homes in New Delhi-NCR.
Supertech chairman RK Arora told ET that the company has applied for the realty stress fund and as a backup plan, has identified several of its malls and hotels in tier II cities to raise Rs 700 crore.
“For the stress fund, we have given a list of 12 projects, where 30% of the work has been completed. It (still) requires last mile funding of about Rs 1,500 crore. We are hoping for a positive outcome and are committed to deliver 20,000 flats by 2022,” said Arora.
He said that due to a lack of funding, the pace of construction has slowed down, and only 50-60% of the flats are sold.
“We are in talks to sell malls and hotels in Meerut and Haridwar to generate about Rs 700 crore. Once the money flow starts, there won’t be any issue as we have committed receivables of about Rs 4,000 crore,” Arora added.
The 12 projects that require funding are Hilltown Hill View, Hill Town Crest, Golf Country, ORB and Capetown, Ecovillage 2 and 3, Romano, Sports Village, Meerut Sports City and Green Village, Hues and Azalia.
The chairman said Supertech will not launch any product till they complete and deliver existing projects.
Supertech is however banking on the commercial return from Supernova, the tallest building of NCR at Sector 94, Noida.
Supernova is India’s largest mixed-use development spread across 7 million sq. ft. of area.
The project has currently four towers – Spira, the Iconic Tower, which is India’s tallest mixed use development of 80 floors standing at 300 meters, Nova East, Nova West and Astralis tower.
Spira, the tallest tower consists of high-end luxurious branded residences, suites, serviced apartments, premium and luxury malls, futuristic offices and ultra luxurious condos.
The 80-floor tower has 13 floors dedicated to residences.