Supertech raised Rs 400 crore from Xander for its Gurgaon housing project
Supertech a realty firm announced that it has raised Rs 400 crore from the private equity firm Xander to finance its upcoming township and housing projects in Gurgaon.
The company will develop plots, villas and independent homes in the 140-acre township at an investment of about Rs 1,100 crore.
"Supertech has received an investment of Rs 400 crore ($66 million) from the Singaporebased real estate investment arm of The Xander Group Inc," the company said in a statement.
The investment has been made in township and group housing projects in Gurgaon, it added.
When contacted, Supertech Director Mohit Arora said the company has offloaded almost 50% stake in township to Xander group.
The company would develop over 1,200 plots/low-rise independent homes and 300 villas in the township to be launched shortly.
Commenting on the development, Rohan Sikri, Partner at Xander Investment Management, Singapore, said: "We continue to see the National Capital Region as an important market for us in India, and the relationship with Supertech reinforces our investment appetite for end user focused residential projects with quality partners."
With projects worth more than Rs 18,000 crores in hand, Supertech has over 90 million sq ft space under construction. It has presence in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bangalore.
The Xander Group Inc is a global investment firm focused on the infrastructure, hospitality, retail and real estate markets. Since 2005, the firm has committed over $2 billion of capital to the Indian market across private, public and credit investments.