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.