Supertech raises Rs. 350 crore from L&T Finance for housing project
Realty firm Supertech has raised Rs350 crore from L&T Finance to fund an ongoing housing project in Greater Noida. The Noida-based firm also plans to launch next month a sports-centric housing project in Noida Extension (Greater Noida – West) where it would develop over 4,500 flats/villas at a cost of Rs1,100 crore.
“We have raised Rs350 crore from L&T Finance for our Eco Village-I project at Noida Extension,” Supertech Managing Director Mohit Arora told PTI. The company is developing 7,500 flats in this project, he added. Supertech Chairman R K Arora said the money raised is in the form of debt.
The company has already delivered 2,000 flats in the Eco Village-I project and the funds will be utilised towards completing the remaining 5,500 apartments, he added. In view of the slowdown in the property market, real estate developers are raising funds from private equity players and other financial institutions to complete their projects.