Supertech, one of the leading real estate firm announced on Wednesday that it will invest Rs.4, 000 cr in developing 15 mega housing and commercial projects in the next three years. The project is concentrated along the northern India.
Photo by Architecture & FoodMr. R.K.Arora, Supertech Chairman and Managing Director said they will develop 12 residential and 3 commercial projects on which this Rs.4, 000 cr will be spent .The projects include a luxury residential project in Noida with 750 units and a 1,500-unit township at a cost of Rs.500 cr. The new residential and commercial projects will be located in Noida,Meerut, Haridwar and Rudrapur (Uttarakhand).On being asked about their IPO plans, Mr. Arora replied it would come up by mid-2011. He told they have started to prepare for an IPO. But as the market is still to completely come out of economic downturn, they will wait till next year to raise fund via IPO.
The national capital region-based company also launched a 6,000-unit residential project in Noida, envisaging an investment of Rs 1,000 cr. The Eco Village will be constructed in different phases over the next 30 months and will be funded through a mix of internal accruals, debt and money coming from sales. Mr. Arora further added that they are also developing a 120-room luxury hotel in Haridwar, which will be managed and operated by the Radisson group and also constructing a budget hotel in the holy city that will be branded by them.