Supertech to invest Rs 2,500 crore to deliver 15,000 homes in FY18

Delhi-NCR based real estate developer Supertech plans to invest Rs 2,500 crore to deliver 15,000 homes in the current financial year.

The company also plans to increase its workforce to around 13,000 this financial year, from 10,000 at present.

“We have already delivered 8,500 units in the last financial year and are committed to deliver another 15,000 units this fiscal,” said Mohit Arora, managing director, Supertech.

The company’s sales booking halved to Rs 15,000 crore in financial year 2016-17 due to an overall slowdown in the real estate sector and demonetisation.

“We have a receivable of around Rs 4,000 crore from our customers. Thus, the Rs 2,500-crore funding to deliver 15,000 homes will come from the same,” he added.

Supertech had recently announced its plans to invest about Rs 4,000 crore to develop 40,000 low-cost homes over the next four years.

Affordable housing has become a sought-after investment class for builders after the sector got an infrastructure status in this year’s Union budget. The government also proposed to amend the Section 80-IBA, relaxing the condition of period of completion of the affordable housing projects for claiming deduction from the current three years to five years. The size of affordable housing has been increased from built up area at present to carpet area of 30 and 60 sq meter.

Supertech claims to have delivered around 30,000 units to its customers till now.