Supertech To Sell Three Hotels, Lease Supernova Retail Space To Reduce Debt

Supertech To Sell Three Hotels, Lease Supernova Retail Space To Reduce Debt Supertech Sell Three Hotels

 

Along with planning to sell three of its hotels in North India, Supertech is willing to give away 1 million of retail space in its luxury project named Supernova. This decision has been made in the wake of clearing a debt of Rs. 2500 crores and use remaining capital for completing its pending projects. The space will be given by Supertech on lease to the company willing to invest. In this wake, Supertech Chairman named RK Arora has stated that completing the projects and handling over the residential units to its investors is their priority. Her further notified that the hotels will be sold at a cost of about Rs. 500 crore and the remaining Rs. 1200 towards debt settlement will be raised by leasing the retail space in Supernova.

Putting more light on the hotels to be sold, RK Arora said that Radisson Blu in Rudrapur, Hyphen Grand in Haridwar and Country Inn & Suites will be the ones put out for selling. The first one is a 5-star hotel with 124 rooms, the second one is a business hotel having 93 rooms and the last one is four-star hotel developed with 85 rooms. Talking about Supernova, he said that the space measures at 17.5 acres and has been developed for mixed usage. In this space, they have developed two towers having 44-storeys with 525 residential units. Indeed, the leasable space in Supernova will be completed by the end of 2019.

Not just limiting to 2 towers with residential units and a leasable area, Supernova will include an 80-storied tower called Spira that would encompass 600 studio compartments and 250 flats. Another tower is planned to be erected with a 250-room hotel and 80 luxurious residential units. When it comes to the matter of completion, this project has been planned to get completed by 2021 for sure. Coming to the existing scenario, Supertech is seen functional on 60000 flats across 35 projects. These residential units are mainly developed in Gurugram, Noida and Greater Noida. Besides the ones in these areas, Supertech is operating in Meerut, Ghaziabad, Dehradun, Moradabad Rudrapur, Haridwar and even Bengaluru.

Supertech is a prominent real estate company, which has been known for developing high-quality residential as well as commercial units for the purpose of investment. It is their willingness to settle the debt and move forward towards timely completion of on-going projects that enabled them to sell their hotels as well as lease space in Supernova.

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