Real estate firm Supertech will invest Rs.4,000 crore in developing 15 mega housing and commercial projects, mainly in North India, in the next three years. The company is also planning its public offer to raise capital to fund its future projects.
“We are now developing 12 residential and three commercial projects on which Rs.4,000 crore will be spent over the next three years. The projects include a luxury residential project in Noida and a 1,500-unit township at a cost of Rs.500 crore,” Supertech Chairman and Managing Director R. K. Arora told journalists here. On IPO plans, Mr. Arora said it would come up by mid-2011. “We have started to prepare for an IPO. However, the market is still to completely come out of economic downturn… we will wait till next year to raise fund via IPO,” he added.
Supertech also announced the launch of Rs.1,000-crore residential project in Noida. “The 6,000-unit Eco Village will be constructed in different phases over the next 30 months. It will be funded through a mix of internal accruals, debt and money coming from sales,” he added.
Mr. Arora further said the new residential and commercial projects were located in Noida, Meerut, Haridwar and Rudrapur (Uttarakhand). “We are also developing a 120-room luxury hotel in Haridwar, which will be managed and operated by the Radisson group. We are also constructing a budget hotel in the holy city that will be branded by them,” Mr. Arora added.