Supertech To Monetise Land Bank In 3 States
Supertech 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 Realty firm Supertech Ltd said it will expand plotted development business and targets to sell plots worth ?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 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. The company estimates "a total revenue of ?2,300 crore on sale of developed plots, out of which ?1,000 crore will be utilised for liquidating the existing loans, ?300 crore to clear the authorities' land dues and ?1,000 crore to complete the ongoing housing projects. 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.