Supertech to raise Rs 1.6k cr to complete ongoing projects in NCR
  1. Home
  2. Real Estate
  3. 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

19 Jun 2023 CW Team
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.
Discover the Cement Expo! Click the button below to explore all the event details.

Visit Cement Expo Website

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.

Previous
Andhra CM to hand over 8,912 more Tidco houses

Next
Bombay HC refuses to defer demolition of Jogeshwari structures

Related Stories

Gold Stories

Opinion Poll

Question : What are you most interested in Construction Technology?

Latest updates

ROADS & HIGHWAYS
28 Nov 2023

Roads in Trichy Damaged Again for Pipeline, Raises Concerns

ROADS & HIGHWAYS
28 Nov 2023

Uttarakhand Tunnel Collapse: Rescue Drilling Restarts

AVIATION & AIRPORTS
28 Nov 2023

IATA Urges Swift Govt Action for Aviation Decarbonisation

RAILWAYS & METRO RAIL
28 Nov 2023

BMRCL Commences Landwork for Metro Phase 3

POWER & RENEWABLE ENERGY
28 Nov 2023

Odisha Advances with 6.5 MW Rooftop Solar

ROADS & HIGHWAYS
28 Nov 2023

Uttarkashi Tunnel Drilling Nears Completion

ROADS & HIGHWAYS
28 Nov 2023

UP Achieves 5000 km Road Network

RAILWAYS & METRO RAIL
28 Nov 2023

Major Milestone Achieved in Mumbai-Ahmedabad Bullet Train Project

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram