Supertech asks UP govt to register projects for cash flow resumption

25 Jun 2024 CW Team

The company has around 15,000 homes to deliver. ?We have requested the authority to initiate the registry of our projects, for which completion certificates have been obtained. Once the registry begins, buyers will start paying the remaining amounts, thereby starting the cash flow. Currently, buyers have stopped payments due to negative sentiment,? stated RK Arora, Chairman, Supertech.

According to the proposal, the dues to the land authority total Rs 26.7 billion, with nearly half being interest on the land cost. ?We are ready to pay the authority dues, provided they consider Covid-19 and the pollution ban as zero periods and recalculate the dues. Also, we can't clear the dues in one go and have requested the authority to link payments with project completion,? Arora explained.

Supertech also owes Rs 8.3 billion to various banks and is facing an insolvency case against one of its group companies. The company is in the process of selling some land parcels to repay lenders and using the remaining funds to expedite construction on stalled projects. ?We have additional space within our projects where new towers can be launched, offering a revenue potential exceeding Rs 100 billion while construction costs would be under Rs 50 billion,? Arora added.

Construction activities in all projects within a 10-kilometer radius of the Okhla Bird Sanctuary were halted following orders from August 14, 2013, and resumed only two years later. The company is also seeking a zero period for this time frame. (Source: ET)

Real estate developer Supertech, under scrutiny for delayed deliveries and an Enforcement Directorate investigation, has presented a plan to the Uttar Pradesh government to resume construction on numerous projects in the National Capital Region. The developer has disclosed that its total liabilities to banks and the development authority are approximately Rs 80 billion, while project receivables from both launched and pending projects surpass Rs 140 billion, ensuring a positive net worth. The company has around 15,000 homes to deliver. ?We have requested the authority to initiate the registry of our projects, for which completion certificates have been obtained. Once the registry begins, buyers will start paying the remaining amounts, thereby starting the cash flow. Currently, buyers have stopped payments due to negative sentiment,? stated RK Arora, Chairman, Supertech. According to the proposal, the dues to the land authority total Rs 26.7 billion, with nearly half being interest on the land cost. ?We are ready to pay the authority dues, provided they consider Covid-19 and the pollution ban as zero periods and recalculate the dues. Also, we can't clear the dues in one go and have requested the authority to link payments with project completion,? Arora explained. Supertech also owes Rs 8.3 billion to various banks and is facing an insolvency case against one of its group companies. The company is in the process of selling some land parcels to repay lenders and using the remaining funds to expedite construction on stalled projects. ?We have additional space within our projects where new towers can be launched, offering a revenue potential exceeding Rs 100 billion while construction costs would be under Rs 50 billion,? Arora added. Construction activities in all projects within a 10-kilometer radius of the Okhla Bird Sanctuary were halted following orders from August 14, 2013, and resumed only two years later. The company is also seeking a zero period for this time frame. (Source: ET)

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