Supertech unveils Rs.2,500-cr housing plans

Supertech, the real estate builder of national repute, in a recent move has set aside Rs.2,500 crore to build 15,000 housing units in the Delhi-NCR region in the current financial year, Managing Director, Mohit Arora said, elaborating that it has already delivered 8,500 units in the last financial year and committed to deliver the targeted units within the stipulated timelines. The company's sales booking halved to Rs.15,000 crore in financial year 2016-17 due to an overall slowdown in the real estate sector and demonetization. As a matter of fact, it recently announced its plans to invest about Rs.4,000 crore to develop 40,000 low-cost homes over the next four years. In the prevailing environs, affordable housing has become a much sought-after investment class for builders after the sector got an infrastructure status in this year's Union budget. The government also proposed to amend the Section 80-IBA, relaxing the condition of completion period of the affordable housing projects for claiming deduction from the current three years to five years, he said.