Kotak Investment Advisor (KIAL) has agreed to invest Rs 450 crore in Supertech’s project 'Supernova' in Sector-94, Noida. The company will also pay Rs 310 crore to existing lenders, to resume the construction work of the project, which has faced delays.
The five million sq. ft. project is 50 percent completed and includes tallest residential tower of NCR. Once completed, the project has a revenue potential of more than Rs 7,000 crore. Noida authority, which has to recover dues of Rs 3,319 crore from the project, has asked KIAL to deposit Rs 50 crore with the authority and an agreement will be done between Supertech, KIAL and Noida authority to open an escrow account.
Kotak’s proposal is approved by the board of Noida authority, where land dues will be cleared through escrow account. Supernova project has four towers – Spira, the Iconic Tower, India’s tallest mixed use development of 80 floors, Nova East, Nova West and Astralis tower.
While majority of the residential units are delivered, the builder has to construct a mall and serviced apartment. The Noida-headquartered real estate developer has to deliver over 15,000 homes.