+
Kotak Investment Advisor to infuse Rs 4.5 billion to revive Supertech
Real Estate

Kotak Investment Advisor to infuse Rs 4.5 billion to revive Supertech

Kotak Investment Advisor Ltd (KIAL) has committed to investing Rs 4.5 billion to revive Supertech's stalled project in Sector 94, Noida. This investment will cover Rs 3.1 billion to settle existing lenders, enabling the resumption of construction on the 5 million sq ft project, which is currently 50% completed and features NCR's tallest residential tower. The project's total revenue potential exceeds Rs 70 billion.

The Noida Authority, which is owed Rs 33.19 billion from the project, has instructed KIAL to deposit Rs 500 million. An agreement will be established between Supertech, KIAL, and the Noida Authority to open an escrow account for this purpose.

"We decided to involve Kotak to repay existing lenders and fund the completion of the project. The Noida Authority's board has approved Kotak?s proposal, and land dues will be cleared through the escrow account. Kotak will pay Rs 3.1 billion to provide an exit for existing lenders," said R K Arora, Chairman, Supertech.

The Supernova project includes four towers: Spira, the Iconic Tower (India's tallest mixed-use development at 80 floors and 300 meters), Nova East, Nova West, and Astralis Tower. While most residential units have been delivered the construction of a mall and serviced apartments remains.

This revival effort is expected to also enable Supertech to restart other long-stalled projects. The company has over 15,000 homes to deliver and its total liabilities, including dues to banks and development authorities, amount to approximately Rs 80 billion. However, the receivables from both launched and future projects exceed Rs 140 billion, indicating a positive net worth. Supertech has proposed a revival plan to the Uttar Pradesh government and is also in the process of selling land parcels to exit lenders and accelerate construction on other stalled projects. (ET)

Kotak Investment Advisor Ltd (KIAL) has committed to investing Rs 4.5 billion to revive Supertech's stalled project in Sector 94, Noida. This investment will cover Rs 3.1 billion to settle existing lenders, enabling the resumption of construction on the 5 million sq ft project, which is currently 50% completed and features NCR's tallest residential tower. The project's total revenue potential exceeds Rs 70 billion. The Noida Authority, which is owed Rs 33.19 billion from the project, has instructed KIAL to deposit Rs 500 million. An agreement will be established between Supertech, KIAL, and the Noida Authority to open an escrow account for this purpose. We decided to involve Kotak to repay existing lenders and fund the completion of the project. The Noida Authority's board has approved Kotak?s proposal, and land dues will be cleared through the escrow account. Kotak will pay Rs 3.1 billion to provide an exit for existing lenders, said R K Arora, Chairman, Supertech. The Supernova project includes four towers: Spira, the Iconic Tower (India's tallest mixed-use development at 80 floors and 300 meters), Nova East, Nova West, and Astralis Tower. While most residential units have been delivered the construction of a mall and serviced apartments remains. This revival effort is expected to also enable Supertech to restart other long-stalled projects. The company has over 15,000 homes to deliver and its total liabilities, including dues to banks and development authorities, amount to approximately Rs 80 billion. However, the receivables from both launched and future projects exceed Rs 140 billion, indicating a positive net worth. Supertech has proposed a revival plan to the Uttar Pradesh government and is also in the process of selling land parcels to exit lenders and accelerate construction on other stalled projects. (ET)

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?