In a recent development, L&T Finance has infused Rs.350 crore into real estate firm Supertech in its on 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 Rs.1,100 crore. The company has raised Rs.350 crore from L&T Finance for its Eco Village-I project in Noida Extension, Supertech Managing Director Mohit Arora said. The company is developing 7,500 flats in this project. Chairman R K Arora said that the money raised is in the form of debt as it has already delivered 2,000 flats in the Eco Village-I project and the funds will be utilized towards completing the remaining 5,500 apartments. 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. Supertech has two more projects in Noida Extension - Eco Village II and Eco Village III comprising 7,500 and 5,000 apartments, respectively. In these three projects, the company is developing around 20,000 flats, of which 16,000 units have been already sold.
📅Published on:
29 September 2017
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