Altico Capital invests Rs 430 crore in Noida Project of Supertech
Altico Capital has invested Rs 430 crore in ORB & Cape Town projects being developed by Supertech in Noida. This is the Altico’s first investment with Supertech and is largely towards the development of Supertech’s Capetown project in Sector-74, Noida, which includes ORB and CapeLuxe Towers while a part of the funding shall be utilized for refinancing an existing lender, said Sanjay Grewal, chief executive officer, Altico Capital.
“Sector-74 is largely a residential sector and part of a well-established residential micro-market, which is well connected to the Noida Expressway as well as Noida City Centre. The project is also located close to an under construction metro line that connects to Noida City Centre on one side and Noida Expressway towards the other,” he added.
Altico’s funding is for a part of the Capetown’s luxury phase, totaling around 2.3 mm sqft spread over 7 residential towers including ORB and CapeLuxe, as well as completed retail inventory. With this funding, such portion of the project shall attain significant financial closure. This will help the group further expedite construction of the project.
RK Arora, chairman, Supertech said this investment will enable the company to deliver its projects in Sector 74, Noida.
Supertech Capetown is one of the largest Group housing project of NCR with 8000 residential unit. It boasts of all modern facilities and amenities i.e. 100-Bed Hospital, Senior Secondary School, Community Facilities, Convenient Shopping, Health Clubs Etc. within the development. Capetown is an advanced stage project totalling around 11 million sqft; of this around 5.5 mnsqft has been delivered and possession has been handed over for over 4,300 units. ORB, the premium residency offering by Supertech is first-of-its-kind circular shaped 40-storey, rising high at an unprecedented pace at Sector 74 in NOIDA.