Supertech will invest Rs 800 cr this fiscal to deliver 10K flats in the next year

Supertech – a well known real estate group will invest approximately Rs 800 crores this year in order to complete various construction projects to achieve the target of delivering 10,000 flats in the next fiscal year, according to a top company official.

MD Mohit Arora said that Supertech is also looking forward to its sales booking to increase to Rs 3000 crore during the 2018-19 fiscal because of the increase in demand in real-estate, distinctively from ready-to-move-in flats.

In the last 30 years, Supertech has delivered 40,000 apartments and is aiming to deliver 60,000 flats across different ventures, most notably in Noida, Gurugram and Greater Noida.

In ‘Supernova’, a project by Supertech, the company has built 575 units in its 2 towers. A tower for commercial purpose with a massive area of 10 lakh square feet will be completed by end of this year.

The biggest highlight of Supernova will be an 80-storey tower which will comprise of 250 flats and 600 studio apartments. Another tower will have 80 Armani-residencies and 250-rooms hotel.

Supertech Chairman is aiming to deliver 10000 units in the 2018-19 fiscal year.

Supertech is aiming to raise more funds for executing its projects. In December a year ago, it raised Rs 430 crore from Altico Capital to fund its current housing project in Noida and reimburse debt.  In September last year to complete its Eco-Village residential project, it had raised Rs 350 crore.

August 20, 2018 / by / in , , ,
RBI increases repo rate by 25 bps to 6.25%

RBI hiked repo rate, the rate at which the central bank lends short term money to commercial banks, by 25 basis points (0.25 per cent) to 6.50 percent. This is expected to lead to higher interest rates on housing, auto and other personal loans. This is first time in nearly five years that RBI has hone for a back to back hike, having increased repo rate by 25 bps to 6.25 percent in its last policy meet in june. Last time RBI had increased the repo rate consecutively in 2013. Trade tensions, crude oil prices, poor economic activity, rising retail inflation have been considered as the primary factors behind the hike in repo rate.

I think that hike in repo rate will impact the real estate sector as the revised rate would result in costlier EMIs for the home loan.

August 3, 2018 / by / in , , , , , ,