Supertech targets Rs 2,300 crore from sale of plots in three states

Topics Supertech | Land bank

Realty firm Supertech Ltd on Wednesday said it will expand plotted development business and targets to sell plots worth Rs 2,300 crore this year in Uttar Pradesh, Haryana and Uttarakhand, as part of its plan to monetise land bank for retiring debt and completion of existing projects.

Supertech Group will offer independent plots on land area of about 53 lakh sq ft, which is around 125 acres, in various cities across three states, the company said in a statement.

The company will offer 2.43 lakh sq ft in Ghaziabad, 16.65 lakh sq ft in Gurugram, 8.73 lakh sq ft in Greater Noida, 8.1 lakh sq ft in Yamuna Expressway, 3.6 lakh sq ft in Meerut and 13.5 lakh sq ft in Rudrapur.

Supertech Chairman R K Arora said the demand for independent plots has surged after the outbreak of the COVID-19 pandemic.

He said the company estimates "a total revenue of Rs 2,300 crore on sale of developed plots, out of which Rs 1,000 crore will be utilised for liquidating the existing loans, Rs 300 crore to clear the authorities' land dues and Rs 1,000 crore to complete the ongoing housing projects".

Arora said the company is targeting to deliver 7,000 flats in the year 2021.

By offering independent plots, Arora said the "company's bottom-line (profit) will be slightly impacted, but delivery of flats to allottees would be speeded up".

The plotted development would take maximum 12 months to develop including provision of infrastructure, facilities, road, sewer, drainage and power supply.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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