Supertech Gets Rs 275 Crore Funding From Indiabulls

Realty firm Supertech, which is developing 12 projects (most of whom are residential) in Noida, has received a funding of Rs 275 crore from Indiabulls Housing Finance.

"We have raised Rs 275 crore from Indiabulls Housing Finance. Money has been raised for financing construction in all our Noida projects," the firm’s director Mohit Arora said. He added that the fund has been raised as debt.

Referring to the slowdown in demand liquidity crunch, he said, "We do not want to stop construction activities because of slowdown. So, we are raising funds."

Supertech had earlier raised Rs 400 crore from Xander, a private equity firm, to fund its township and housing projects in Gurgaon.

The realty major has an area of more than 90 million square feet under construction.