Supertech is planning to invest amount Rs 2, 400 crore

Leading developer, Supertech is planning to invest the hard cash amount of Rs 2, 400 crore to construct and develop the township at Gurgaon, Haryana in a span of five years. This township will be developed on an area of 140 acres land, which company has bought recently from Parsvnath Developers.

As per the statement of Mohit Arora, Managing Director of Supertech, “Recently our company has done dream deal, which is to buy 140 acres land from Parsvnath Developers; however the cost of deal was about Rs 7, 00 crore”. Supertech, which is one of the fastest growing real estate firm based out Noida will develop advanced integrated township on this land area at Sohna, Gurgaon, the more he added.

In an integrated township, Supertech is planning to develop more than 1,800 independent homes as well as villas and more than 1,900 flats, however it will be the fourth largest project of the company. While talking about investment Arora stated that it is expected that total cost of township will be about Rs 2,400 crore including Rs 700 crore of land cost. The more added that we have made payment for land and we are planning to raise Rs 500 to 700 crore from bank debt to meet the cost of construction; however the rest will be founded through internal accruals as well as sales bookings in project.

The whole township will be developed in different phases and it is expected that whole construction will be completed by year 2020. Supertech has fixed the BSP (Basic Selling Price) for this particular township project, is Rs 4,400 – 4,750 per sq ft and it will also depand on the payment plan. In September 2014, Parsvnath Developers had sold the land to Supertech in a deal of Rs 665 crore.

Till now Supertech has completed the construction for more than 33 million sq ft real estate in different projects and currently company is working on 90 million sq ft area in many different projects. Apart from Greater Noida or Noida or as well as in Gurgaon, Supertech has also marked its presence in other cities also such as; Rudrapur, Moradabad, Ghaziabad, Meerut, Bengaluru, Haridwar and Moradabad.