Supertech to raise Rs 3,000 cr via private equity this fiscal

The company also announced foray in the Gurgaon market with a housing project.

Last Updated: May 16, 2012, 18:38 PM IST

New Delhi: Realty firm Supertech on Wednesday said it plans to raise about Rs 3,000 crore in the current fiscal through private equity for funding its various projects.

The company also announced foray in the Gurgaon market with a housing project to be developed in a joint venture with an investment of Rs 400 crore over the next three years.

"We are planning to raise about Rs 3,000 crore this fiscal for the development of our various projects including the large 50-acre housing project Capetown in Noida," Supertech Director Mohit Arora told reporters.

He said the company has recently raised Rs 100 crore from a private equity firm Walton Street Capital for mixed-use project 'Supernova' at Noida.

"We are in talks with many private equity players to raise funds. The deals are expected to close soon," Arora said, but declined to name the PE firms.

The Noida-based company is presently developing housing, commercial and hospitality projects in Noida, Greater Noida, Ghaziabad, Meerut, Moradabad, Haridwar and Rudrapur. It has projects worth Rs 14,000 crore in hand.

"We are entering into Gurgaon market with a group housing project. We will develop about 600 apartments on a 10-acre land at a cost of Rs 400 crore," Supertech Chairman and Managing Director R K Arora told reporters.

The company has tied up with land owner to develop this project and would share revenue in lieu of it, he added.

Giving details about the project, Arora said the price of apartments ranges between Rs 60 lakh and Rs 2 crore. The size of the units varies from 1,295 sq ft to 3,620 sq ft.

He said the company would come up with more projects in Gurgaon as the city has potential for further development.