Supertech to invest Rs 300cr in housing project for govt staff

Realty firm Supertech today said it will develop a new project at Sohna in Gurgaon for government employees at a cost of Rs 300 crore.
Faced with sluggish sales due to slowdown in the property market, the company has launched 1,000 housing units in the first phase of this project in a price range of Rs 33 lakh to Rs 46.61 lakh. It has tied up with property brokerage firm Investor Clinic for marketing of this project.
"We are coming up with a new project in our 140-acre township in Sohna, Gurgaon, exclusively for serving and retired government employees," Supertech Chairman R K Arora told reporters here.

Asked about project cost, he said it would be about Rs 300 crore. The project would be completed in the next 42 months.
Supertech MD Mohit Arora said the company has launched the project at a lower rate seeing the current market condition.
This is the second project in recent times catering to the government employees.

Last month, realty firm Amrapali had also launched similar project in Noida Extension in tie up with Investor Clinic.
"We sold about 4,000 housing units in the Amrapali project," Investor Clinic CEO Honey Katyal said, while expecting similar response from this project.
Supertech is fighting a legal battle in the Supreme Court after the Allahabad High Court ordered in April 2014 to demolish the company's two 40-storey towers in a Noida housing project.

The company is developing 36 projects in Noida, Greater Noida, Ghaziabad, Gurgaon and Bengaluru among others.