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Tuesday, March 15, 2011

Realty Firm Supertech to Develop 255 metre Residential Tower in Noida

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Realty firm Supertech today will invest Rs 600 crore to develop a 255 metre tall residential tower in Noida. The company will offer a total of 1,326 housing units with prices of up to Rs 2.25 crore in the tower that it claims will be the tallest in North India. “The project, North Eye, will be the tallest in entire region with 60 floors and 255 metre height. We will invest Rs 600 crore to develop the project,” Supertech chairman and managing director RK Arora told reporters.

Asked about the source of funding, Arora said it would be largely met through internal accruals and advances from customers. The company is in talks with private equity players to raise funds. When asked at what prices the housing units will be sold, Arora said: “We will offer these for Rs 7,700 per sq ft. The prices will start from Rs 35 lakh and will go up to about Rs 2.25 crore.” The project will house 186 large flats and 1,140 studio apartments. While the sizes of the flats will vary between 1,650 sq ft and 3,350 sq ft, the studio apartments will be constructed with a fixed floor size of 520 sq ft.

Arora said the company is targeting young professionals for studio apartments. Supertech will hire an operator to manage the tower and is in talks with global hospitality brands such as Radisson and Marriott for this, he added. The National Capital Region-based company is currently developing a number of projects across various cities such as Noida, Greater Noida, Meerut and Moradabad.

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