KIAL (Kotak Investment Advisor Ltd) decides to invest Rs. 450 Crore in Supertech’s Supernova project in Sector 94, Noida. Kotak group will pay Rs. 310 crore to current lenders for resuming the construction work of the project.
Supernova is the tallest residential tower of the National Capital Region in a 5 million sq ft area and is 50 percent complete. Post completion, it holds an estimated potential revenue of over Rs. 7,000 crore.
The Noida Authority has asked KIAL to deposit Rs. 50 crore as a part payment against the total recovery due of Rs. 3,319 Crore. Later, Supertech, KIAL, and Noida Authority will open an escrow account and will have an agreement signed.
Supertech Chairman R K Arora said, “We decided to bring Kotak in Supernova for repayment to existing lenders and funding to complete construction. Kotak’s proposal is approved by the board of Noida Authority, where land dues will be cleared through escrow account. Kotak will pay Rs. 310 crore to existing lenders to give them exit.”
As per Noida Authority, in March 2011, Supertech Group was allotted a 70,000 sq meter plot and till May 2024, the developer has an overdue of Rs. 3,319 Crore.
Supernova by Supertech has four towers – Spira, Astralis, Nova East, and Nova West. Spira is a mix used development with 80 floors. The developer has delivered some residential units, however, a mall and studio apartments are yet to be completed.
Noida Authority said, “KIAL well get a third party audit done of the project. The financial audit should include the receivable from sold and unsold units. The amount generated from sale and registry will go to the escrow account. Once KIAL deposit the Rs. 50 Crore payment, we will start the registry process and sanction the revised map.”
KIAL has requested the Authority to sanction NOC to revised map and registry procedure, letting buyers to pay the remaining amount.
