Real estate firm Supertech Ltd. on Friday announced its plans to invest Rs. 1,500 crore on construction and other activities in the current financial year to expedite project completion in National Capital Region, North India and Bengaluru.
The company's announcement to deliver 15,000 units across various projects in India by March 2018, comes at a time when the Real Estate Regulation and Development Act (RERA) has become a stringent reality of the realty market.
As per the announcements made by the real estate major, the process of fast-tracking at all projects has already begun. Deploying state-of-the-art construction technologies like modular pre-cast slabs along with increasing labour deployment to 13,000 from the current 10,000 has taken shape.
"We are committed to put our efforts to complete all our ongoing projects in the stipulated time frame. The company is targeting to collect approximately Rs. 1500 crores against final payments from customers who are getting possession in one year," said chairman Supertech Limited, R.K. Arora.
He further said that the company has long term plans of investment as there is no financial crunch.
"We are quite optimistic that realty market will revive very soon after RERA coming in force," added Arora.
The real estate sector has been traversing through challenging times and resultant impact has been felt on the demand for residential real estate projects.
This decline in demand along with other policy paralysis hampered the pace of real estate development in the country as a result the organized developers were not able to complete the ongoing projects within the stipulated time period.
However, recent policy reforms like demonetisation, Benami Transactions (Prohibition) Amended Act, 2016, RERA undertaken by the government would be instrumental in reinstating the confidence of the end users in the real estate sector and pave path for economic growth.
The onus, therefore, now lies with the real estate developers to capitalize on the opportunity by focusing on delivering the ongoing projects to the customers instead of launching new projects.
Supertech besides delivering these 15000 units will also be working towards enhancing overall operational efficiencies to complete other ongoing projects within stipulated time period.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)