NEW DELHI: Realty firm Supertech is in talks to sell its office complex in Noida for around Rs 1,000 crore, sources said. The company aims to cut debt significantly and save interest costs. In its 17.5-acre mixed-use project, Supernova, it has developed a 9 lakh sq ft office building.
According to sources, Supertech is in advanced discussions with potential buyers to sell this office complex, and the deal could be finalized soon.
Supertech also wants to divest its hotel properties at Rudrapur and Meerut, which comprise about 210 keys and has appointed some consultants to find buyers.
Sources said the company is looking to raise around Rs 1,500 crore through the divestment of retail space and hotels.
The total funds raised through the sale of office, retail, and hotel properties would be used to reduce debt and meet the construction costs of ongoing and future projects.
Supertech has a total debt of around Rs 2,500 crore from banks and non-banking finance companies (NBFCs).
The company spokesperson declined to comment.
“We are looking to monetize our commercial space to raise funds for our ongoing projects and reduce debt,” Supertech Chairman R K Arora had said in October.
Indian commercial real estate performed well in the last few years due to the huge interest from domestic and global institutional investors in rent-yielding assets.
The government’s decision to introduce Real Estate Investment Trusts (REITs) in India boosted the commercial segment.
Super 2017 raised Rs 430 crore from Altico Cin December 2017 capital to fund its ongoing housing project in Noida and repay September 2017. It had raised Rs 350 crore from L&T Fr 2017 to complete its ‘Eco-Village 1’ housing project, comprising 7,500 units, in Noida Extension.
In the 17.5-acre premium project Supernova, Supertech is developing five towers at an investment of around Rs 5,500 crore. The company has started delivery in two 44-storey residential buildings comprising 575 units. In other towers, it is building studio apartments, hotels, and branded residences.
The project is expected to be completed in two to three years.
Supertech has delivered 40,000 units in the last 30 years and works on 60,000 flats across 35 projects, mostly in Noida, Greater Noida, and Gurugram.
The company also has projects in Ghaziabad, Moradabad, Muradabad, Dehradun, Haridwar, Rudrapur, and Bengaluru.
