Supertech to launch its first township, university
Supertech, north India based real estate developer, is planning to expand the existing business, which will involve a whopping Rs. 2000 crore investment. They have new projects to launch and also undertaking a new project involving education.
The firm is planning to come up with a university of their own in Uttrakhand, and also is set to launch its first township in Gurgaon by June this year.
MD of Supertech said the firm has set a target of Rs. 10,000 crore turnover during same time period, from the existing Rs. 2,500 crore.
The Supertech University will be constructed in Kumaon region of Uttrakhand. The land acquiring process has already been started for the same propose and planning to start the first session by 2014. They will offer courses in Law, Business Management and Engineering and will be run by Supertech Foundation.
The MD said, out of the total investment of Rs. 2000 crore, Rs. 500 crore will be taken as loans from banks and Rs. 500 crore will be fetched through private equity. It seems to be a step ahead to raise the amount through private equity.
The township project in Gurgaon will be the first project of Supertech. This project includes school, commercial malls, hospitals, etc. It will have an area of 100 acres. Presently, they are in the process to acquire the license to acquire land, and the project is expected to launch in May or June this year. It is expected to be ready in the next 3 years.
Currently, 70 million sq ft of area is getting developed by the company across 34 projects. Out of which, 20 million sq ft of area is expected to be delivered by the year end.
To get overseas investors, the company is planning to deliver a luxury project in Bangalore. The project comprises of 500 apartments in which the price starts from Rs. 1 crore. The estimated price of the project is around Rs. 100 crore.
Majorly, demand for properties in South comes from Non-resident Indians (NRIs) in the Middle East, United States and other countries.
Presently, Supertech is working on projects in places such as Delhi, NCR and nearby cities namely, Meerut, Moradabad, Haridwar and Rudrapur.
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