Supertech repays Rs 70-cr loans to Indiabulls group

Realty firm Supertech has repaid Rs 70 crore loans to Indiabulls group using funds it had raised from Altico Capital last week.

The Noida-based developer had raised Rs 430 crore from Altico Capital last week.

According to sources, Supertech has repaid Rs 70 crore loan to Indiabulls.

The remaining amount would be utilised to complete construction of a housing project in Noida.

Altico Capital's investment is towards the development of Supertech's Capetown project in Sector-74, Noida, which includes ORB and CapeLuxe Towers.

Supertech Capetown is one of the largest group housing projects of NCR with 8,000 residential units.

This project is an advanced stage project totalling around 11 million sq ft, of which around 5.5 million sq ft has been delivered and possession has been handed over for over 4,300 units.

Supertech is focusing on delivery of projects and has handed over more than 22,000 homes in the last 3 years. It is working towards achieving delivery target of 10,000 homes this fiscal.

The company had few months back raised Rs 350 crore from L&T Finance to complete its housing project Eco Village in Greater Noida West, which is known as Noida Extension.

Its sales bookings fell to about Rs 1,500 crore last fiscal from around Rs 3,000 crore in the previous year. But the company expects sales to improve this fiscal.

The company has projects in Noida, Greater Noida, Ghaziabad, Gurugram, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru.