Supertech to invest Rs 4,000 cr in 15 projects; plans IPO
Press Trust of India / New Delhi Mar 10, 2010, 16:47 IST
Real estate firm Supertech today said it will invest Rs 4,000 crore for developing 15 realty projects across North India in the next three years, and it is planning to raise capital through a public offer.
"Currently, we are developing 12 residential and three commercial projects across various locations in North India. We have planned to invest Rs 4,000 crore to develop these properties over the next three years," Supertech Chairman and Managing Director R K Arora told PTI.
The residential projects are located across Noida, Meerut, Haridwar and Rudrapur, while the commercial properties will be developed at Haridwar, Rudrapur and Meerut, he added.
When asked if the company would consider raising fund via an initial public offer (IPO), Arora said: "We have started to prepare for an IPO, but the market has not completely come out (from the fall during downturn)."
The company would consider launching the IPO in the next one and half years, he added.
Giving details about its ongoing projects, Arora said the company is developing a luxury residential project in Noida with 750 units, besides constructing a 1,500-unit township at a cost of Rs 500 crore.
The national capital region-based company today launched a 6,000-unit residential project in Noida, envisaging an investment of Rs 1,000 crore.
On its latest project — Eco Village, Arora said: "We will build up to 6,000 units in the project in different phases over the next 30 months and an investment of Rs 1,000 crore is expected to go into it, including the land cost."
Another method to fool unsuspecting customers. When will authorities wake up and scruitinise all the unlawful activities of Supertech Limited and take action??
If authorities were honest, many from Supertech Limited, including directors should have been behind the bars for cheating and criminal conspiracy.
Please do not go by such news reports , they are in direct advertisements for which the company pays a lot of money to the media house . Supertech is number 1 in making false promises to the people , even though there are some people with the right intent , 99% of the staff is corrupt and in capable of handling such projects . Talk to the supertech residents in Noida , Indrapuram before making your decision
Before investing in this so called IPO to raise 4000 crore, I request inventors to visit or contact flat owners at ICON or Living Stone or Shoprix Mall or CZAR etc to understand reputation of SUPERTECH LIMITED. This company has changed original plan and has added three floors at Presidency Heights, ICON Indirapuram besides adding two more flats on each floor of the same tower. So the same tower is having double flats than the actual plan. Three more floors are also added to PINNACLE HEIGHTS in the same project.
So a small area of 9 acre will house 700 families or say 3000 persons. This space was originally planned for 400 families only. So the initial claim of 70% open and green area has gone into drains and now 600 families are fighting for atleast some breathing space.
ICON is delayed by months and NO PENALY is paid to a singly flat owner till now. Though this is part of the agreement on stamp paper between flat owner and Supertech Limited.
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