Supertech raises Rs 100 cr from Reliance PMS for realty projects
Realty firm Supertech on Wednesday said it has raised Rs 100 crore from Reliance PMS for development of housing projects in the national capital region.
New Delhi: Realty firm Supertech on Wednesday said it has raised Rs 100 crore from Reliance PMS for development of housing projects in the national capital region.
Supretech has been raising funds through private equity players to fund its expansion plan.
In April, the company had tied up with private equity firm Xander to raise Rs 280 crore for its upcoming township project in Gurgaon. Last year, it had raised Rs 100 crore from Walton Street Capital for mixed-use project 'Supernova' at Noida.
"We have raised about Rs 100 crore from Reliance PMS in form of debt. This will be utilised in our existing projects," Supertech Director Mohit Arora said.
Reliance PMS (Portfolio Management Services) is a part of Reliance Capital Asset Management Ltd.
"Funds from Xander will also come into the company this month," Arora said.
Superetch is planning to launch its second project, a 100- acre township, in Gurgaon and the funds raised from Xander would be invested in the township.
Last year, the company had entered the Gurgaon market with 10-acre group-housing project comprising 600 apartments to be developed with an investment of Rs 400 crore.
At present, the Noida-based company is developing housing, commercial and hospitality projects worth Rs 14,000 crore in Noida, Greater Noida, Ghaziabad, Gurgaon, Meerut, Moradabad, Haridwar and Rudrapur.
Supertech is currently constructing over 75 million sq ft of area.