Supertech to invest Rs 5500cr in 3-4 yrs for North India projects
Quotes

Supertech to invest Rs 5500cr in 3-4 yrs for North India projects

Last Updated: Saturday, December 29, 2012, 13:18
 
 Comment 0
 
Supertech to invest Rs 5500cr in 3-4 yrs for North India projects
New Delhi: Realty firm Supertech Friday said it will invest around Rs 5,500 crore in the next 3-4 years to develop residential projects and acquire land in North India.

The company is also targeting an annual revenue of Rs 10,000 crore by 2015 from Rs 2, 500 crore at present.

"We have an ambitious plan to become a major developer in the country. We are going to invest around Rs 5,500 cr in the next 3-4 yrs to consolidate our position in the market," Supertech Chairman and MD R K Arora told PTI on sidelines of Naredco convention here.

He said this amount will be invested to develop housing projects and acquire land bank in NCR and Uttarakhand.

The NCR-based Supertech at present has about 1,000 acres in Northern states.

"We will invest around Rs 3,000 crore for developing various projects, comprising 50 million sq ft spread across 32 projects," Arora said, adding that the company will also launch number of new projects in future.

"The upcoming projects will offer houses in prices ranging between Rs 20 lakh and Rs 2 crore. Over 50 percent flats will come in Rs 20-70 lakh range," he said.

When asked how the company is going to fund its expansion plans, he said it would be done through debt, internal accruals and sales revenue coming from its projects.

"We are continuously acquiring land. In the next 3-4 yrs, we will acquire a further 400-500 acres. It'll need a minimum investment of Rs 2,500 crore," Arora said.

Talking about its turnover, he said "we are targeting to have an annual sales revenue of Rs 10,000 crore by 2015".

On prices, he said in the last one year housing rates have gone up by 20 percent across India.

PTI



First Published: Friday, December 07, 2012, 17:43


Comments


comments powered by Disqus
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics
Google I/O 2014
Google I/O 2014

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved