Supertech raises $44M from Indiabulls Housing

Realty firm Supertech has raised Rs 275 crore from Indiabulls Housing Finance for construction of its ongoing projects in Noida.

The company is developing about 12 projects, mostly residential, in Noida and Greater Noida.

"We have raised Rs 275 crore from Indiabulls Housing Finance. Money has been raised for financing construction in all our Noida projects," Supertech Director Mohit Arora said.

The fund has been raised in the form of debt, he added.

Arora said the company could raise further amount from Indiabulls Housing Finance, if needed.

Stating that the real estate sector is facing a slowdown in demand and developers have liquidity issues, he said: "But we do not want to stop construction activities because of slowdown. So, we are raising funds." 

In August this year, Supertech had announced that it had raised Rs 400 crore from the private equity firm Xander to finance its upcoming township and housing projects in Gurgaon.

Supertech, which has a major presence in Noida, Greater Noida and Ghaziabad, is looking to expand to other markets.

The company has entered the Gurgaon property market and acquired over 400 acres of land. 

Recently, it bought 140 acre land at Sohna, Gurgaon from Parsvnath for Rs 665 crore.

Last week, Supertech announced a low-cost housing project in Gurgaon where it would offer nearly 2000 units to customers in a price range of Rs 13-20 lakh through lucky draw.

This scheme, which will open on November 24 and closes on December 24, is based on Haryana government's affordable housing policy announced last year.

Besides national capital region, the company has launched a luxury housing project in Bangalore.

Meanwhile, Supertech is also fighting a case in the Supreme Court where it has challenged the Allahabad High Court order to demolish the company's two 40-storey towers, having 857 flats, in a housing project at Noida.

With projects worth more than Rs 18,000 crores in hand, Noida-based Supertech has over 90 million sq ft space under construction.

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