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Altico Capital invests Rs 430 crore in Supertech

Press Trust of India  |  New Delhi 

Realty firm has raised Rs 430 crore from to fund its ongoing housing project in and repay debt.

In September, the company had raised Rs 350 crore from to complete its '1' housing project, comprising 7,500 units, in Extension.

This is the first investment by in projects.

"has invested Rs 430 crore in a project being developed by group," the two companies said in a joint statement.

Altico Capital said the company has partnered Supertech group, which is one of the largest real estate developers in NCR, having delivered more than 40 million sqft of residential and commercial projects.

Grewal said the investment is towards the development of Supertech's project in Sector-74, Noida, which includes ORB and The part of this funding would be utilised for refinancing an existing lender.

Announcing the investment, Supertech R K Arora said: "This investment will enable us to deliver our projects in Sector 74 of Noida, with an aim to deliver ORB within 18-24 months."

Supertech is one of the largest group housing projects of with 8,000 residential units. This project is an advanced stage project totalling around11 million sq ft, of which around5.5 million sq fthas been delivered and possession has been handed over for over4,300units.

"Altico's funding is for a part of the Capetownsluxury phase, totalling around 2.3 million sq ft spread over 7 residential towers including ORB and CapeLuxe, as well as completed retail inventory," the statement said.

Supertech is focusing on delivery of projects and has handed over more than 22,000 homes in the last 3 years. It is working towards achieving delivery target of 10,000 homes this fiscal.

Its sales bookings fell to about Rs 1,500 crore last fiscal from around Rs 3,000 crore in the previous year. But the company expects sales to improve this fiscal.

The company has projects in Noida, Greater Noida, Ghaziabad, Gurugram, Meerut, Muradabad, Dehradun, Haridwar, and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 22 2017. 15:42 IST