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Supertech to invest Rs 1350 crore on new housing project in Noida

NEW DELHI: Realty firm Supertech will invest Rs 1,350 crore over the next three years to develop a new housing project in Noida.

The company would construct 1,800 flats in the project, which is spread over 17.5 acres.

"Total cost on this project is Rs 1,350 crore. We have got all the regulatory approvals to develop this project. We have started construction work and project will be delivered by December 2016," Supertech Chairman and Managing Director R K Arora told reporters.

Noida-based realty firm has fixed the basic selling price at Rs 4,350 per sq ft.

"We are giving Rs 200 per sq ft initial discount to customers," Supertech Director Mohit Arora said.

On the current market scenario, Arora said the sales have picked up from this month.

Arora said the company has roped in UK-based yoo Worldwide to do interior designing for its two luxury housing projects in Gurgaon.

"We are in talks with Austria-based Swarovski for interior designing of one of our projects," he said.

Last year, it had tied up with Italian fashion brand Armani group for interior designing of 100 super luxury residences in a mixed-use project at Noida.

Supertech has already completed more than 33 million sq ft of residential and commercial properties.

With projects worth Rs 18,000 crore in hand, the company has over 90 million square feet under construction. It has presence in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bengaluru.

Source : economictimes.indiatimes.com               Date : Jan 20, 2014

By vayaM CS