Real estate major Supertech on Friday said it will invest Rs1,000 crore over the next four years to develop a new project in Gurgaon.
It will be the company's second project in Gurgaon.Supertech will develop 2,092 housing units in this project named 'Hues' that is spread over nearly 28 acre."We have acquired 70 acres land in Gurgaon. In the first phase, we are launching a group housing project on 27.5 acre land comprising 2,092 housing units," Supertech Chairman and Managing Director R K Arora told reporters.Supertech Director Mohit Arora said the total investment to develop the first phase would be Rs 1,000 crore and it will be through internal accruals, bank loans and advances from customers.
On pricing, Arora said it is in the range of Rs 6,800- 7,200 per sq ft depending upon the payment plans. The price of flats starts from Rs 84 lakh.In 2012, the Noida-based Superetch had entered Gurgaon proerty market with a joint venture housing project comprising 600 apartments.The company has completed 12,000 flats in last 25 years. At present, it has 90 million sq ft area under construction.Supertech has presence in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bangalore. Meanwhile, on sales front the company reported a dip of 15 percent after the Allahabad High Court order last month to demolish its two 40-storeyed towers in Noida.
However, the sales have recovered now, the company said.Supertech reiterated that it has not violated any law in developing the towers and also has assured 600 affected buyers that their interest would be protected.