Supertech looking to raise Rs 600 cr to build township

Realty firm Supertech today said it will raise about Rs 600 crore in form of equity and debt to fund its upcoming sport-centric 175-acre township in Greater Noida.
Supertech had bought this land from the government's development authority for about Rs 900 crore.
The company would develop 5,500 apartments and 500 villas in the township 'Sports village' at about Rs 1,800 crore, Supertech Chairman R K Arora told reporters here.
He announced a tie-up with sports icons Sania Mirza for tennis academy, Pullela Gopichand for badminton academy, Shikhar Dhawan for cricket, Gagan Narang for shooting and Jyoti Randhawa for golf academy.

Asked about the funding of the project, he said the firm would raise about Rs 600 crore from private equity players and banks and the rest would be met through internal accruals and advances from customers.
Arora said the company will bring another Noida-based realty firm Ajnara group as co-developer in this project.

However, he said the company would be responsible for the development of the entire sports facilities on the 70 per cent area of the total 175-acre land parcel.
Supertech has launched 1,000 flats in the first phase at a starting price of Rs 22 lakh. The basic selling price has been fixed at Rs 3,000 per sq ft.

The company is developing 36 projects in Noida, Greater Noida, Ghaziabad, Gurgaon and Bengaluru among others.
At the same time, Supertech is fighting a legal battle in the Supreme Court.
In April last year, the Allahabad High Court had ordered to demolish the company's two 40-storey towers in a Noida housing project.
The realty firm challenged the high court order in the apex court. The two towers -- Apex and Ceyane -- having a combined 857 apartments, of which about 600 flats were sold.