NEW DELHI: Realty firm Supertech is in conversation to sells its office complex in Noida for around Rs 1,000 crore as it intents to cut debt significantly and spare interest cost, sources said.
The company has built up a 9 lakh sq ft office building in its total area of 17.5 acre blended use project 'Supernova'.
As indicated by sources, Supertech is in advance stage of discussions with numerous potential purchasers to sell this office complex, and the deal could be finalised in the near future.
Prior, the organization had put on bargain about 10 lakh sq ft retail space in the Supernova venture.
The converse is on among the invested parties to sell this retail complex, sources states, including that sale of office complex is relied upon to conclude first. Supertech additionally needs to ditch its hotel properties at Rudrapur and Meerut including around 210 keys and has appointed few experts to find purchasers.
The organization is hoping to raise around Rs 1,500 crore through the unloading of retail space and hotels, sources mentioned.
The total cash reserve is raised through buying of office, retail and hotel estate would be utilized for reducing debt and meet development cost of ongoing along with future projects.
Indian commercial Real Estate has been performing great in the past few years due to huge interest on account of domestic and worldwide institutional investors in lease yielding assets.
The government's decision to present Real Estate Investment Trusts (REITs) in India has additionally supported and flourished the commercial segment.
In the total of 17.5 acre premium venture Supernova, Supertech is creating five towers at an investment of around Rs 5,500 crore. The organization has begun delivery in two 44-storey residential towers including 575 units. In different buildings, it is developing studio apartments, a hotel and branded residences.
The entire venture is expected to be finished in the next two-three years.
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