Kotak Investment Advisor to infuse Rs 4.5 billion to revive Supertech
Real Estate

Kotak Investment Advisor to infuse Rs 4.5 billion to revive Supertech

Kotak Investment Advisor Ltd (KIAL) has committed to investing Rs 4.5 billion to revive Supertech's stalled project in Sector 94, Noida. This investment will cover Rs 3.1 billion to settle existing lenders, enabling the resumption of construction on the 5 million sq ft project, which is currently 50% completed and features NCR's tallest residential tower. The project's total revenue potential exceeds Rs 70 billion.

The Noida Authority, which is owed Rs 33.19 billion from the project, has instructed KIAL to deposit Rs 500 million. An agreement will be established between Supertech, KIAL, and the Noida Authority to open an escrow account for this purpose.

"We decided to involve Kotak to repay existing lenders and fund the completion of the project. The Noida Authority's board has approved Kotak?s proposal, and land dues will be cleared through the escrow account. Kotak will pay Rs 3.1 billion to provide an exit for existing lenders," said R K Arora, Chairman, Supertech.

The Supernova project includes four towers: Spira, the Iconic Tower (India's tallest mixed-use development at 80 floors and 300 meters), Nova East, Nova West, and Astralis Tower. While most residential units have been delivered the construction of a mall and serviced apartments remains.

This revival effort is expected to also enable Supertech to restart other long-stalled projects. The company has over 15,000 homes to deliver and its total liabilities, including dues to banks and development authorities, amount to approximately Rs 80 billion. However, the receivables from both launched and future projects exceed Rs 140 billion, indicating a positive net worth. Supertech has proposed a revival plan to the Uttar Pradesh government and is also in the process of selling land parcels to exit lenders and accelerate construction on other stalled projects. (ET)

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

Kotak Investment Advisor Ltd (KIAL) has committed to investing Rs 4.5 billion to revive Supertech's stalled project in Sector 94, Noida. This investment will cover Rs 3.1 billion to settle existing lenders, enabling the resumption of construction on the 5 million sq ft project, which is currently 50% completed and features NCR's tallest residential tower. The project's total revenue potential exceeds Rs 70 billion. The Noida Authority, which is owed Rs 33.19 billion from the project, has instructed KIAL to deposit Rs 500 million. An agreement will be established between Supertech, KIAL, and the Noida Authority to open an escrow account for this purpose. We decided to involve Kotak to repay existing lenders and fund the completion of the project. The Noida Authority's board has approved Kotak?s proposal, and land dues will be cleared through the escrow account. Kotak will pay Rs 3.1 billion to provide an exit for existing lenders, said R K Arora, Chairman, Supertech. The Supernova project includes four towers: Spira, the Iconic Tower (India's tallest mixed-use development at 80 floors and 300 meters), Nova East, Nova West, and Astralis Tower. While most residential units have been delivered the construction of a mall and serviced apartments remains. This revival effort is expected to also enable Supertech to restart other long-stalled projects. The company has over 15,000 homes to deliver and its total liabilities, including dues to banks and development authorities, amount to approximately Rs 80 billion. However, the receivables from both launched and future projects exceed Rs 140 billion, indicating a positive net worth. Supertech has proposed a revival plan to the Uttar Pradesh government and is also in the process of selling land parcels to exit lenders and accelerate construction on other stalled projects. (ET)

Next Story
Infrastructure Transport

Anji Khad Bridge, India's First Cable-Stayed Rail Bridge Ready in J&K

Indian Railways has completed the Anji Khad Bridge, India’s first cable-stayed rail bridge, located in the Reasi district of Jammu and Kashmir. A critical component of the ambitious Udhampur-Srinagar-Baramulla Rail Link (USBRL) Project, this engineering marvel connects Katra and Reasi, promising enhanced regional connectivity and economic growth.Spanning 725.5 metres, the bridge features a 193-metre-tall main pylon, soaring 331 metres above the riverbed. Its design allows it to withstand wind speeds of up to 213 km/h and safely support train operations at speeds of 100 km/h.Constructed in th..

Next Story
Infrastructure Urban

Exporters Raise Logistics Costs Concerns with Piyush Goyal

Exporters and freight agencies have voiced concerns over high terminal handling charges at ports and the underutilisation of dry ports, adding to India’s overall logistics costs. During a meeting with Commerce and Industry Minister Piyush Goyal, they highlighted that the fees charged by shipping terminals for container storage and positioning before loading exceed port charges by Rs 10,000-15,000 per consignment. The discussion focused on logistics and shipping challenges, with the government actively working to reduce costs across the supply chain, according to an official. India is targe..

Next Story
Infrastructure Transport

Government to Revamp UDAN Scheme with Focus on Airport Readiness

The Indian government is set to revamp its regional air connectivity scheme, UDAN (Ude Desh ka Aam Nagrik), by prioritising airport readiness before inviting airlines to bid for operating routes. Financial support for the development of unserved airports and airstrips across the country is expected to be a key focus in the upcoming budget, along with stricter assessments of route feasibility, according to sources. Launched in 2017 to boost air travel in the world’s fastest-growing aviation market, the UDAN scheme caps airfares and provides subsidies to airlines for operating on less frequen..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000