)
The project, pegged at around Rs 100 crore, will comprise 500 apartments at a price tag of Rs 1 crore and above, Supertech Chairman and Managing Director R K Arora told Business Standard.
It has already tied up land, and the construction will begin soon. Based on the response to the Bangalore project, the company may widen its spread across the South and launch projects in cities such as Hyderabad and Chennai.
“We are starting with a small project in Bangalore. Apart from consumer feedback, we also need to look at issues such as logistics and infrastructure. Being a North-based company, we will have to step up our infrastructure in the south,” Arora said.
There has been demand for properties in the south from non-resident Indians (NRIs) in West Asia, the US and other countries. Supertech has international marketing and sales operations overseas.
The company also plans to deliver 20 million sq ft of mainly residential area this year. It has about 34 projects in hand and the focus will be on deliveries through 2013. The target is to deliver 70 million sq ft in the next five years.
Currently, the company primarily has projects in Delhi-National Capital Region, Meerut, Moradabad, Haridwar and Rudrapur.
The realtor is also in talks with global retail firms such as IKEA, Walmart Stores and Metro Cash and Carry to give them space in their upcoming projects on the Yamuna Expressway, near Delhi.
Arora is hopeful that the real estate market would overcome the slowdown this year.
