Supertech raises Rs 280 crore from private equity firm Xander

NEW DELHI: Realty company Supertech on Wednesday said it has raised Rs 280 crore from private equity firm Xander to fund its upcoming township project in Gurgaon.

Last year, the company had raised Rs 100 crore from private equity firm Walton Street Capital for mixed-use project 'Supernova' at Noida.

Supertech is planning to launch a 100-acre township in Gurgaon in the next two months.

"We have raised Rs 280 crore from Xander for our upcoming township in Gurgaon," Supertech Director Mohit Arora said on the sidelines of a conference.

Arora said the company has diluted some stake in the project, but did not give the exact details.

"We will come up with 100-acre township in Gurgaon in next two months. We will be offering plots and villas in the township and there would be no group housing," he said.

Arora said this would be the Supertech's second real estate project in Gurgaon.

Last year, the company had entered the Gurgaon market with 10-acre group-housing project comprising 600 apartments to be developed with an investment of Rs 400 crore.

At present, the Noida-based company is developing housing, commercial and hospitality projects worth Rs 14,000 crore in Noida, Greater Noida, Ghaziabad, Gurgaon, Meerut, Moradabad, Haridwar and Rudrapur.

Supertech is currently constructing over 75 million sq ft of area.