New Delhi: Realty firm Supertech Friday said it will invest Rs 2,400 crore over the next five years to develop a township project on 140 acres land that the company has bought from Parsvnath Developers at Gurgaon in Haryana.
"We have completed the deal to buy 140 acres land from Parsvnath Developers for about Rs 700 crore," Supertech Managing Director Mohit Arora told reporters here.
The Noida-based firm would develop an integrated township on this land parcel at Sohna, Gurgaon, he added.
Supertech would develop 1,900 flats and 1,800 independent homes/villas in this township project, he said, adding that this would be company's fourth project in Gurgaon.
Asked about investment, Arora said the total project cost of the township would be about Rs 2,400 crore including the land cost.
"We have already made payment for land and we will raise about Rs 500-700 crore of bank debt to meet the construction cost. Rest will be funded through internal accruals and sales bookings," he said.
Supertech has fixed the basic selling price (BSP) of Rs 4,400-4,750 per sq ft depending on the payment plan.
The entire township, to be developed in phases, would be completed by 2020.
In September last year, Parsvnath Developers had sold 140 acre land to Supertech for Rs 665 crore.
Supertech has completed 33 million sq ft of real estate projects so far and is at present working on 90 million sq ft area under different projects.
Besides Gurgaon and Noida/Greater Noida, Supertech has presence in Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bengaluru.
Supertech has been facing problems with regard to a project in Noida after its 40-storey residential twin towers were directed to be demolished by the Allahabad High Court for breaching building norms with construction of floors higher than the permitted level.
Later, the Supreme Court directed the company to refund money to the flat owners and said the "developers can't take investors for a ride."
