New Delhi: Realty firm Supertech Ltd announced an investment of Rs 2,000 crore to develop a housing project in Noida. It is also looking to raise up to Rs 1,000 crore through private equity at entity or projects level.
“We will invest Rs 2,000 crore to develop a residential complex — Capetown, in Noida in two phases. The 50-acre project will have 7,000 units,” Supertech chairman and managing director R K Arora told reporters here.
The Noida-based firm would offer flats in a price range of Rs 23.5 lakh to Rs 60 lakh. It has fixed the selling price at Rs 2,990 per sq ft. Arora said the company is at present building 16 projects, which would involve an investment of Rs 10,000 crore over the next three years.
When asked about the source of funding, he said: “It would be done through internal accruals, advances from customers and debt from banks”.Besides, the company is looking at raising foreign direct investment, which could be at an entity or projects level, Arora said.
“Our aim is to raise up to Rs 1,000 crore through sale of equity at project or company level,” he added. He said some foreign funds are interested in picking up stake at various projects, while some are willing to have a share in the company.
“At project level, the stake dilution may vary, but we can dilute up to 25 per cent at the company,” Arora said, adding Supertech is at present held entirely by the promoters. He said the company will finalise the deals within next three months. Asked if the company would consider raising fund via an initial public offer (IPO), Arora said: “We have started preparing for an IPO but it will take some time. We may come with the IPO in the next one-and-a-half years.”
The national capital region-based developer is currently developing over 16 projects, mainly in North India. Some of its residential projects are located across Noida, Haridwar, Rudrapur and Meerut, while the commercial properties will be developed at Haridwar, Rudrapur and Meerut.
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