Brand image of Supertech hit after Noida blow
The recent episode, where two of the Supertech’s towers were sealed over violation of rules, has left a dent in the brand. The company may have to cut prices, since sales are expected to decline. It can be learnt from the company’s website that it has 40 ongoing projects worth Rs 14,000 crore, at Gurgaon, Noida, Greater Noida, Uttarakhand and Bangalore. Supertech has a little over 75 million sq ft under construction across residential, commercial and hospitality segments. The group recently launched a university in Uttarakhand.
Supertech chairman R K Arora, however, says there has been no dent in the image of the company and that the sales are normal, except for a day or two. Ashutosh Limaye, head, research and real estate intelligence, Jones LangLaSalle India points out that there may not be immediate effect on sales but on prices.
The company has a number of international tie-ups for high-end projects in Gurgaon and Noida, including with Disney, Armani and Yoo Worldwide. A dent in the image does deter such customers. The high court had earlier ordered demolition of two towers in Noida, built by the company. The company was told to refund money to the buyers with 14 per cent interest compounded annually. The towers have been sealed by the Noida Authority. The towers have 857 apartments, of which 600 had been sold.
Source: Business Standard
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