The company is in talks with two NCR developers to sell land parcels and is offering plots at multiple locations. The company has over 5 million sq ft to offer across the NCR and tier 2 cities like Dehradun and Meerut.
“We would have made more money in high rises but that process takes time. We plan to use Rs 1,000 crore to clear debt, Rs 300 crore to pay the dues of local authority while Rs 1,000 crore will be used to complete the existing under construction projects,” said RK Arora, chairman, Supertech ltd.
Company said that sale of plots would ensure fast collection of revenue and due to the potential of early appreciation, the buyers would also benefit.
Of the total 5.3 million sq ft, 2.43 lakh sq ft is in Crossing Republik, Ghaziabad 1.66 million sq ft is in projects in Gurgaon, 8.73 lakh sq ftin Greater Noida and 8.1 lakh sq ft ok Yamuna Expressway, besides 3.6 lakh sq ft in Meerut and 1.3 million sq ft in Rudrapur.
“Looking to the demand for independent plots with the post COVID-19 market surge, the company has the advantage of finding funds for completing the ongoing housing projects,” Arora added.
The developer has fixed a target of delivering 7,000 under construction flats in 2021.
“Although company’s bottom-line will be slightly impacted, but delivery of flats to allottees will sped up. Plotted development would take maximum 12 months to develop including provision of infrastructure, facilities, road, sewer, drainage, power supply,” Arora said.
Total debt of the group is Rs 2,000 crore and the company plans to repay remaining Rs 1,000 crore from the sale of under construction units.