Real estate developer Supertech, whose two under-construction 40-floor towers in the Emerald Court project in Noida are caught in a bitter court battle, has said buyers of the project are with the company.
“About 10 per cent of the 600 people, who opted for the money back (refund) at 14 per cent compounded interest, now don’t want to avail of that option anymore,” Chairman and Managing Director, RK Arora said. About ₹80 crore has been taken as advance from buyers in this project, he said, refusing to comment further as the matter is sub judice.
The Supreme Court had directed that the status quo be maintained on the two towers, which face demolition following an Allahabad High Court order.
The group on Friday also announced that it would invest ₹1,000 crore over the next four years to develop a new project in Gurgaon, called Supertech Hues.
“We have acquired 70 acres in Gurgaon. In the first phase, we are launching a group housing project on 27.5 acres comprising 2,092 housing units,” Arora said. The investment will be through internal accruals (40 per cent), debt (35 per cent) and advances from customers (25 per cent), he added.
On pricing, Arora said the apartments would be around ₹6,800- 7,200 per sq ft depending upon the payment plans. The price of flats starts from ₹84 lakh.
Apart from this, the group will soon launch an affordable housing project in Gurgaon. “This project will have 4,000 units, ranging from 650 sq ft to 850 sq ft, and comprising 1 BHK and 2 BHK units,” Arora said. The cost will be ₹30-40 lakh for an apartment, he added.
In 2012, the real estate group had announced a boxing academy, in tie-up with Mary Kom, to come up in Yamuna Expressway. Arora said: “The academy, spread across 1 lakh sq ft, will come up in a 100-acre integrated township, and will be operational by 2016.”