Noida-based realtor Supertech has raised $65 million (or Rs 400 crore) from the real estate investment arm of Singapore-based The Xander Group, the company said in a statement.
The investment has come in for the upcoming township and group housing project of Supertech located in Sector 79, Gurgaon. The company will develop plots, villas and independent homes in the 140-acre township at an investment of about Rs 1,100 crore.
RK Arora, CMD, Supertech Ltd, said, “We are elated to join hands with Xander and look forward to have multiple investments from them in our group. Their persuasive industry knowledge and global experience will add cogent value to us.”
Rohan Sikri, Partner at Xander Investment Management, Singapore, said, “We continue to see the National Capital Region as an important market for us in India, and the relationship with Supertech, one of the largest NCR-based developers, reinforces our investment appetite for end user-focused residential projects with quality partners.”
This project is in line with the focus of the company to come up with projects in Gurgaon. Going forward, the developer will launch four-five projects in Gurgaon, shifting focus from Noida. The realty firm, which has around 90 million sq ft under construction, has three projects – Araville, 48 Canvas and Hues – in Gurgaon, with Hues being the latest in its Gurgaon portfolio.
The realtor is also in talks with Kotak to raise Rs 200 crore for another upcoming project located in Sector 68, Gurgaon.
A major portion of its portfolio is spread across different sectors of Noida. In Noida, its project Emerald Court got entangled in litigation with the Allahabad High Court ordering demolition of the 40-storey residential twin towers.
It has significant presence in Meerut, Ghaziabad, Bangalore and Moradabad, too.
The Xander Group Inc. is an institutional investment firm focused on long term, value investing. Xander invests primarily in companies which operate in the infrastructure, hospitality, entertainment, retail and real estate sectors, and currently manages equity capital in excess of $2 billion.
(Edited by Joby Puthuparampil Johnson)