Supertech raises Rs 400 cr from PE firm Xander

The company will use the funding to finance its upcoming township and housing projects in Gurgaon

Real estate firm Supertech 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. It will develop over 1,200 plots/low-rise independent homes and 300 villas in the township which will be launched shortly.

Supertech's Director Mohit Arora said the company has offloaded almost 50 per cent stake in township to Xander group. This is the first official deal of Supertech with Xander.

In a statement, 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."

Supertech has been in the news due to an order by Allahabad High Court for demolition of its two towers in its project Emerald Court in Noida. The company, though, has challenged the order in the Supreme Court, which recently asked Supertech to refund money to its buyers (who had opted for it) in those towers.

Currently, the company has over 90 million sq ft space under construction with projects in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut and Bangalore amongst others.

The Xander Group 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, according to the statement.

In April this year, Xander had invested about Rs 370 crore in real estate firm Rustamjee. While in May this year, Xander along with an investor consortium led by Dutch pension fund asset manager APG Asset Management announced setting up of Rs 1800 crore venture to buy commercial assets across India's office market, according to the information on Xander's website.