SUPERTECH TO SELL LAND, RAISE CASH FOR FLATS

NOIDA: Realty firm Supertech Limited on Wednesday said it will sell a cumulative 125 acres to raise Rs 2,300 crore required to complete at least 7,000 delayed flats this year.

The company said it struggled to raise funds with banks not keen on funding the real estate sector.

The 125 acres is not a single plot, but several plots spread across Greater Noida, Yamuna Express way, Ghaziabad, Meerut and Rudrarup in Uttar Pradesh, and Gurugram in Haryana. The company said it will carve out smaller residential plots and sell them.

“There has been much demand among homebuyers for plots. We hope to raise Rs 2,300 crore in selling the land that we have. We will repay Rs 1,000 crore loan from banks, clear the Rs 300 crore dues with the Greater Noida Authority and use the remaining Rs 1,000 crore to finish 7,000 residential units,” said RK Arora, chairman of Supertech Limited.