Supertech to invest Rs 2,400 cr to build township project in Gurgaon

Firm bought the 140-acre project from Parsvnath Developers, will build 1,900 flats and 1,800 independent homes

Noida-based real estate firm Supertech plans to invest Rs 2,400 crore over the next five years to develop a township project in Gurgaon.

The project - Hill Town - is spread over an area of 140 acres, which the company bought from Parsvnath Developers.

Supertech will build 1,900 flats and 1,800 independent homes/villas in this township project.

"We have completed the deal to buy 140 acres land from Parsvnath Developers for about Rs 700 crore," Supertech Managing Director Mohit Arora told reporters here.

This is the company's fourth project in Gurgaon.

"We have already made payment for land and we will raise about Rs 500-700 crore of bank debt to meet the construction cost. Rest will be funded through internal accruals and sales bookings," he said.

Supertech has fixed the basic selling price (BSP) of Rs 4,400-4,750 per sq ft depending on the payment plan. The entire township, to be developed in phases, would be completed by 2020.

Recently, Supertech hired a CEO for the first time to manage its operations in the Gurgaon market. According to experts, the move signals the importance the company gives to Gurgaon, one of the largest property markets in the country. Overall, the company will invest Rs 4000 crore in the Haryana market.

R K Jain, who was earlier with Wave, another real estate company, was appointed Supertech CEO last week, days before the launch of the company's first affordable project, Basera, in Gurgaon few months back. Till now, the company has been focusing mainly on Noida and Greater Noida markets, apart from Tier-I and Tier-II cities in Uttar Pradesh.

It has about 90 million sq ft under construction across residential, commercial and hospitality segments. It has recently launched a university in Uttarakhand. The company also has projects in Meerut, Rudrapur, Dehradun, Haridwar, Ghaziabad and Bengaluru.

The firm has acquired 400 acres of land with the latest one being a 140-acre piece at Sohna, Gurgaon, acquired from Parsvnath for Rs 665 crore.