Supertech to raise Rs 1.6k cr to complete ongoing projects in NCR
Real Estate

Supertech to raise Rs 1.6k cr to complete ongoing projects in NCR

Realty firm Supertech Ltd plans to raise around Rs 1,600 crore from institutional investors by July to complete its 18 ongoing housing projects across Delhi-NCR, its Chairman RK Arora said. The company has signed a term sheet with investors to raise this interim funding, and due diligence is currently undergoing, Arora said, but did not share the name of the investors.

"We recently got a nod from the Supreme Court to arrange for interim funding to complete ongoing projects and hand over the flats to existing customers.

"We plan to raise around Rs 1,600 crore funds. Hopefully, we will be able to raise this amount by the end of July," he told PTI.

Arora said there are 18 ongoing housing projects under Supertech Ltd, comprising around 50,000 apartments. "We need to give possession of 17,000 flats to our existing customers. We intend to hand over these flats over the next two years," he said.

Further, he said that the company needs Rs 3,000 crore to complete the pending work in these ongoing 18 projects.

Realty firm Supertech Ltd plans to raise around Rs 1,600 crore from institutional investors by July to complete its 18 ongoing housing projects across Delhi-NCR, its Chairman RK Arora said. The company has signed a term sheet with investors to raise this interim funding, and due diligence is currently undergoing, Arora said, but did not share the name of the investors.We recently got a nod from the Supreme Court to arrange for interim funding to complete ongoing projects and hand over the flats to existing customers.We plan to raise around Rs 1,600 crore funds. Hopefully, we will be able to raise this amount by the end of July, he told PTI.Arora said there are 18 ongoing housing projects under Supertech Ltd, comprising around 50,000 apartments. We need to give possession of 17,000 flats to our existing customers. We intend to hand over these flats over the next two years, he said.Further, he said that the company needs Rs 3,000 crore to complete the pending work in these ongoing 18 projects.

Next Story
Technology

BBMP Pledges Faster E-Khata Processing Amid Citizen Complaints

Facing mounting complaints over delays in e-khata issuance, the Bruhat Bengaluru Mahanagara Palike (BBMP) has promised to resolve the issue within 10 days. BBMP Chief Commissioner Tushar Giri Nath assured citizens that efforts are underway to expedite processing rates from the current 2,000 to a target of 10,000–15,000 applications daily. "We have cleared 90% of the 90,000 pending applications, leaving only 4,500 to process. To meet the demand, over 800 additional staff and assistant revenue officers (AROs) have been deployed to manage applications in each ward," Nath stated. Persistent Dela..

Next Story
Real Estate

Delhi HC Orders DDA to Assist CBI in Housing Lapses Probe

The Delhi High Court has instructed the Delhi Development Authority (DDA) to fully cooperate with the Central Bureau of Investigation (CBI) in its probe into alleged lapses in the construction of 336 high-rise HIG/MIG houses at Signature View Apartments, north Delhi. Justice Chandra Dhari Singh emphasized that DDA must furnish information about any internal inquiry and the officials involved to facilitate the investigation. The court noted CBI’s submission that DDA had not responded to multiple reminders since July, delaying the probe. The CBI is investigating allegations of "cheating, crimi..

Next Story
Infrastructure Urban

Mahindra Lifespace to Appeal Tamil Nadu GST Tax Demand

Mahindra Lifespace Developers Ltd has announced a tax demand of Rs 20.9 million imposed by the Tamil Nadu GST department, including interest and penalties. The order, issued by the Assistant Commissioner of State Tax, Chengalpattu, cites an alleged shortfall in GST payments under Section 74 of the GST Act, 2017. The realty firm refuted the allegations, stating, “Based on the company's assessment, there is no noncompliance, and a general penalty has been imposed.” The company plans to appeal the order, expressing confidence in a favorable resolution. Mahindra Lifespace assured stakeholders ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000