At 300 metres and 80 floors, realty player Supertech’s Spira Residence will be India’s tallest mixed use development project.
The company said it is looking to attract private equity behemoths to the project. Supertech said it has raised Rs 750 crore debt from bankers while the US-based private equity player Walton has pumped in Rs 100 crore into the residential project, which is part of the Supernova project.
The total project is estimated at Rs 2,700 crore and will be housed in an area of five million square feet.
“Spira Residency will be built at a cost of Rs 800 crore. The apartments will be priced between Rs 5-7 crore,” R.K. Arora, CMD, Supertech said.
Arora said Supertech was in talks with several private equity majors to invest in various building within the Supernova projects. He, however, declined to give details.
The company also announced foray into the Gurgaon market with a housing project to be developed in a joint venture with an investment of Rs 400 crore over the next three years.
The Noida-based company is presently developing housing, commercial and hospitality projects in Noida, Greater Noida, Ghaziabad, Meerut, Moradabad, Haridwar and Rudrapur. It has projects worth Rs 14,000 crore in hand.