Supertech To Invest Rs 15, 000 Crore In 5 Years; Plans IPO In 2011

Supertech To Invest Rs 15, 000 Crore In 5 Years; Plans IPO In 2011

Supertech To Invest Rs 15, 000 Crore In 5 Years; Plans IPO In 2011

Realty major Supertech Ltd has charted out an ambitious plan to develop various residential, commercial and hospitality projects with a total investment of Rs 15,000 crore during the next five years.

“The company is looking for strategic investors to raise this fund. For this purpose, we would be involving private equity players and Foreign Institutional Investors (FIIs) too. Besides, we are coming up with an IPO next year,” informed Mohit Arora, director, Supertech Ltd, while speaking to Property Pulse on the sidelines of the Realty Plus Power Networking Dinner event held in the capital on Wednesday.

“We aim to raise about Rs 2,500-3,000 crore from the capital market with the proposed IPO,” Arora added.

The NCR-based developer is betting big on affordable projects for its pan-India expansion plans. “Very soon, we would be announcing various affordable residential projects in Bangalore and Mumbai. We’ve already identified the lands there and the acquisition process is on,” said Arora.

The company would also be coming up with various affordable residential projects in Noida Extension. “The starting price of the living units being developed by us there would be about Rs 15 lakh only,” Arora added.

Furthermore, Supertech is in the process of launching a new residential scheme in Gurgaon in the next two months. The company is also developing hospitality projects in Meerut, Haridwar and some other areas of Uttarakhand. The company has tied up with Carlson group for the development of Five Star hotels in these cities, out of which three hotel properties are proposed to be operational within this year.

Supertech is also creating about 25 lakh sq ft of commercial properties. It is developing Pentagon mall in Haridwar, Shopprix mall in Meerut, and Metropolis mall in Rudrapur, which is the part of its 100-acre township in that city.

Supertech achieved 400 per cent growth rate with a turnover of Rs 1,500 crore in the last fiscal. The company expects the same growth rate this fiscal as well, Arora concluded.

Last Updated: Tue Nov 30 2010

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