Supertech on Friday said it will raise Rs 750 crore through private equity to fund the development of its mixed-use premium project in Noida with an investment of about Rs 2,700 crore.
It has already raised Rs 100 crore from US-based private equity firm Walton Street Capital.
“We are launching today 78 high-end luxury apartments priced between Rs 5 crore and Rs 7 crore in the ‘Supernova’ project,” Supertech Chairman R K Arora told reporters here.
The company would develop 5 million sq ft of area in this 17-acre project at a cost of Rs 2,700 crore, he added.
Asked about the funding, Arora said: “We will raise Rs 750 crore through private equity and out of that Rs 100 crore has already been tied up from Walton Street”.
He said talks are on with various private equity firms but declined to divulge the name.
Arora said the remaining investment in this project would be funded through internal accruals, advances from customers against sales and bank debt.
Elaborating on the project, Arora said it will have luxury flats, studio apartments, two 5-star hotels, retail space and office complexes.
The company will construct five towers in the project.
Arora said that the 78 luxury homes launched today would be part of an iconic tower, which he claimed would be the country’s tallest with 300 metres height and 80 floors.
The Noida-based company is in discussion with global hospitality chains for management of its two hotels in this project.
Source: Zee News