Supertech to invest Rs 2,000 cr in luxury project

Real estate firm Supertech today said it will invest Rs 2,000 crore in the next four years to develop a luxury project, comprising residential and commercial properties, at Noida.

The project -- Supernova -- will house about 1,300 flats, which will be priced between Rs 60 lakh and Rs 3 crore, apart from offering offices, shopping malls and multiplexes.

"The demand for luxury properties is rising in the National Capital Region. This new mixed-use project will define a new lifestyle. We will invest Rs 2,000 crore over the next four years to develop the entire project," Supertech Chairman and Managing Director RK Arora told reporters here.

When asked about the source of funding for the project, he said it will be a mix of internal accruals, cash flows from sales and debt.

"Out of the total amount, Rs 500 crore will be internal accruals, while Rs 750 crore each will be coming from debt and sales," he added.

Arora said the company is expecting sales realisation of Rs 3,000 crore from the project. It has already acquired 17 acres of land at Sector 94 in Noida for the project and has received all necessary regulatory approvals.

The company will construct five towers in the project and these will be spread over a built up area of 50 lakh sq ft. The complex will have "India's tallest mixed-use tower -- Spira", Arora claimed.

"The Spira will be of a 80-storey structure and the height will be 300 metre. It will house both residential and commercial spaces," he added.

He further said the tower will have premium residential apartments, two 5-Star hotels, restaurants and a helipad.

Besides, other towers in 'Supernova' will house retail spaces, offices and multiplexes.

"Residential, retail and parking spaces will be developed in 10 lakh sq ft of areas each, while office and hotels will comprise 9 lakh sq ft and 5 lakh sq ft of floor spaces respectively," Arora said.

The entire project will be completed in three phases in 30 months, 36 months and 48 months respectively, he added.

Elaborating on the residential segment, Arora said the company will develop 700 studio apartments and 600 units of 2, 3 and 4 BHK flats.

"The sizes of the flats will vary from 595 sq ft to 3,000 sq ft. The selling prices will start from Rs 60 lakh and will go up to about Rs 3 crore," he added.