After much delay, Supertech delivers 200 units in Noida's Romano project

Real estate group Supertech has said it handed over possession of 200 units in its residential project Romano to buyers on Saturday.

The flats handed over are in B2 Tower of Romano located in sector 118 of Noida and range from 2BHK to 4BHK, costing Rs 50 lakh to Rs 1.50 crore, the group said.

"The coming year promises to be one where the real estate sector soars to new heights and all the investments made by the sector in terms of technology and initiatives to improve transparency come to fruition. This is a very proud moment for us, especially as many new home owners can start their new year in their new homes," Supertech Chairman R K Arora said in a statement.

Spread across 18 acres, Romano has 17 residential towers with 2,200 units, of which the possession on the first 200 homes was handed over on Saturday.

The multi-crore premium residence project of Supertech was initially supposed to be delivered in 2016 but the delivery date was subsequently revised to May 2018, according to sources.

"Around 80 per cent of the total 2,200 units have been booked and possession has just begun on the project and other flats would be delivered soon," the source said.

Meanwhile, the Supertech group said the real estate sector has been steadily recovering from the country-wide slump that came as a consequence of the Goods and Services Tax and demonetisation.

"As the sentiment is improving, most developers are moving forward with reasonable discounts and offers. Moreover, with the onset of the Real Estate Regulatory Authority (RERA), states where the authority is active are being speculated to see better sales due to increasing confidence of buyers in the real estate market," it said in the statement.