New Delhi: Realty firm Supertech has raisedĀ Rs 350 crore from L&T Finance to fund an ongoing housingĀ project in Greater Noida.Ā The Noida-based firm also plans to launch next month aĀ sports-centric housing project in Noida Extension (GreaterĀ Noida - West) where it would develop over 4,500 flats/villasĀ at a cost of Rs 1,100 crore.Ā "We have raised Rs 350 crore from L&T Finance for our EcoĀ Village-I project at Noida Extension," Supertech managingĀ director Mohit Arora told news agency Press Trust of India.
The company is developing 7,500 flats in this project, heĀ added.
Supertech chairman R K Arora said the money raised is inĀ the form of debt.
The company has already delivered 2,000 flats in the EcoĀ Village-I project and the funds will be utilised towardsĀ completing the remaining 5,500 apartments, he added.Ā
In view of the slowdown in the property market, realĀ estate developers are raising funds from private equityĀ players and other financial institutions to complete theirĀ projects.
Supertech has two more projects in Noida Extension, Eco Village II and Eco Village III comprising 7,500 and 5,000Ā apartments, respectively. In these three projects, the companyĀ is developing around 20,000 flats, of which 16,000 units haveĀ been already sold.Ā
Managing director Mohit Arora said the company isĀ focusing on delivery of existing projects and has targeted toĀ complete 10,000 flats annually for the next 4-5 years.Ā He said the company has delivered 20,000 units in theĀ last three financial years.
On sales, he said the company expects bookings to bounceĀ back this year on the back of increased demand for affordableĀ homes in the Delhi-NCR market after many incentives announcedĀ by the government for low-cost homes.
Its sales had fallen to about Rs 1,500 crore last fiscal year from around Rs 3,000 crore in the previous year.Ā
Supertech has projects in Noida, Greater Noida,Ā Ghaziabad, Gurugram, Meerut, Muradabad, Dehradun, Haridwar,Ā Rudrapur and Bengaluru.
L&T Finance is the financial services arm of engineeringĀ major L&T.
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