Supertech To Invest Rs 2k cr In Gurgaon – Business Standard – 26-Nov-2014
November 29, 2014 - Uncategorized
Noida-based real estate firm Supertech plans to invest about Rs 2,000 crore in Gurgaon over the next few years by launching several luxury and affordable projects. It recently rolled out two projects in Gurgaon. The firm has acquired 400 acres of land with the latest one being a 140-acre piece at Sohna, Gurgaon, acquired from Parsvnath for Rs 665 crore.
Nearly two decades after its inception, Supertech has hired a CEO for the first time, who will manage the realtor’s operations in the Gurgaon market. According to experts, the move signals the importance the company gives to Gurgaon, one of the largest property markets in the country.
R K Jain, who was earlier with Wave, another real estate company, was appointed Supertech CEO last week, days before the launch of the company’s first affordable project, Basera, in Gurgaon. Till now, the company has been focusing mainly on Noida and Greater Noida markets, apart from Tier-I and Tier-II cities in Uttar Pradesh.
The realty firm has raised Rs 275 crore from Indiabulls Housing Finance and is in talks with Kotak Realty Funds to raise another Rs 150 crore, the company’s chairman and managing director R K Arora told Business Standard.
In August, Supertech had raised Rs 400 crore from private equity firm Xander to finance its upcoming township and housing projects in Gurgaon.
Supertech has already launched a couple of ultra-luxury projects in the region. It has tied up with UK-based Yoo Worldwide, founded by international property entrepreneur John Hitchcox and designer Philippe Starck, for interior design for the projects.
Earlier, Supertech had roped in Italian fashion brand Armani Group to do interior design in 100 super-luxury residences at a mixed-use project in Noida and US-based Disney Group for Disney-theme homes in Greater Noida.
Supertech has about 90 million sq ft under construction across residential, commercial and hospitality segments. It has recently launched a university in Uttarakhand. The company also has projects in Meerut, Rudrapur, Dehradun, Haridwar, Ghaziabad and Bengaluru.
The company faced its biggest setback in April this year when the Allahabad High Court ordered the demolition of two towers in Supertech’s Emerald Court project at Expressway Noida. The court also asked Supertech to refund money to the buyers with 14 per cent interest compounded annually.
The judgment was passed while allowing a writ petition of the Emerald Court Owners Resident Welfare Association, which alleged the approval and construction of the towers was “in complete violation of the UP Apartment Acts”.
Supertech has challenged the order in the Supreme Court, which in its interim order asked the builder to refund the money with interest and maintained sealing of towers. The order on the demolition is still pending with the Supreme Court.