Supertech to deliver over 8,000 flats by December 2021

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On Friday, developer Supertech said it will deliver about 8,460 apartments to buyers by December 2021. More than 16,000 units in the ongoing projects in Noida, Greater Noida and Meerut by 2023. Supertech has a total of 13 projects in the NCR region. Four projects are located in Greater Noida, five projects in Noida, two projects in Meerut and Yamuna Expressway. According to Supertech, they are planning to hand over about 16,041 properties from December 2021 to June 2023.

The announcement came two days after Supertech met with UP-RERA officials who reviewed the developer’s pending projects. Supertech Group said in a meeting with UP RERA that it will deliver around 8,463 units by December 2021. About 7,347 units by December 2022 and 231 units thereafter for their various projects in Uttar Pradesh.

RK Arora, Supertech Group President said, the delay was due to two unprecedented waves of the COVID-19 pandemic, which affected all real estate projects. The Group will implement these projects through internal accruals, and the group has a positive net worth to meet its financing needs.

Every Homebuyer should get a home

Projects that completed and ready to deliver include Crown Towers, North Eye, Supernova, Romano, and ORB in Noida. Eco Village I, Eco Village II (Phase I), Eco Village II (Phase II) and Eco Village III in Greater Noida. Upcountry and Golf Country along Yamuna Expressway,  Meerut Green Village, and Meerut Sports City. 

UP RERA chairman Rajive Kumar said, RERA’s goal is to ensure that all buyers get their home on specified time. We occasionally check the status of all projects and this month met 60 promoters who have participated in about 150 projects in the state. “Supertech projects have also been reviewed and verified in relation to RERA orders. This group announcement was part of RERA’s work.”

According to the schedule provided by the real estate company, 8,463 units will be delivered in December 2021. About 2,308 units by March 2022, 1,132 by June 2022, 3,907 by December 2022 and 231 in 2023. Many of these projects in Noida and Greater Noida have long been delayed, as Supertech often faces protests from home buyers and harsh legal orders.

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UP-RERA rejects super-tech projects registration

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The decision was taken in light of the fact that the developer did not carry out a large number of its projects on time specified by UP-RERA. They also did not comply with a large number of orders from the authorities on complaints from home buyers projects from promoter companies.

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has rejected an application for registration of two proposed Supertech projects under RERA Section 5 with Section 11 (4)(B) and Section 4 (2)(B).

Rejected projects applications are Supertech Golf Country GH01-Phase-1B and Supertech Golf Country GH01-Phase-1A.

Authorities asked the developer for a detailed report on the fulfillment of his orders and a convincing action plan to complete its projects. However, the authorities also decided to give the developer a second chance to apply for registration of the two projects again, after it can largely comply with the authority’s previous orders.

UP-RERA didn’t receive any written or oral responses

During the trial, R.K. Arora, Supertech Chairman, told authorities the company was trying to complete projects as well as enforce government orders.

However, UP-RERA did not find the promoter’s written or oral response satisfactory. The authorities concluded that it would be inconvenient and that it is not proper and not in the interests of home buyers to register the company’s two new projects. The company was unable to complete a large number of its projects already registered with RERA, nor was it able to complete a large number of orders approved by the company’s affected homebuyer’s assistance authority.

UP-RERA chairman, Rajiv Kumar, said, The organizer did not comply with the authorities’ orders and there was no noticeable improvement in the status of unfinished orders at the end of the promoter. They also failed to come up with a convincing action plan to implement their ongoing projects. As a result, a large number of home buyers with the developer forced to approach the authorities with claims for compensation. Not only did the developer fail to speed up its projects, it also did not comply with government orders, further exacerbating the homebuyer’s suffering.

Also read:-

YEIDA announce 2 new policies to help stalled projects

Real estate agents in UP seeking for new insolvency resolution policies

Disney India to design interiors of a Supertech project

Seeing the increasing demand for themed residences, Supertech has tied up with Disney India who will design the interiors of the project.

The demand for branded homes and theme homes is increasing. Seeing this increasing demand for these models of residential projects, Supertech has tied up with Disney India. Continue reading

Branded homes turn the pick of the hour now

The concept of branded homes is becoming popular these days. The builders are developing ultra-luxury projects in collaboration with renowned brands.

Maria Sharapova one of the ambassadors of branded homes project.

Maria Sharapova is one of the ambassadors of a branded homes project.

BANGALORE: Owning a home worth Rs.10 to Rs.25 Cr is nothing impossible for any HNIs or top class people. Those who have enough to spend on homes are now demanding branded homes.

Yes, the demand for branded homes is increasing in India. This is why the builders are running after international brands. Some of the developers have successfully tied up with some international brands.

The sluggish real estate market and fall of home sales prompted the Indian developers to seek some other ways to woo the buyers. They find it best to introduce some international figures to promote their projects.

Homestead developers tied up with Maria Sharapova and Michael Schumacher. Both the tennis queen and the F1 legend will endorse one each project of Homestead.

Both Maria Sharapova Tower and Michael Schumacher Tower are sports oriented projects. Both these Homestead projects are located in Gurgaon.

It means that the concept of luxury has changed over the times. If earlier it was all related to some amenities and facilities, it is now no more related to amenities and facilities. Continue reading

Giorgio Armani To Design Supertech’s Real Estate Project:

The well acclaimed success in Dubai prompts Giorgio Armani to launch superior luxury apartments in India too. The Italian fashion designer will join hands with Noida-based real estate group Supertech with this purpose.

Giorgio Armani Sets new horizons for luxury real estate

Giorgio Armani, renowned fashion designer, is all set to design new horizons for luxury real estate in India.

Giorgio Armani is all set to give a new dimension to the luxury real estate of India. Collaborating with Supertech, Italian fashion designer Giorgio Armani will develop some superior and ultra-luxury apartments in Noida.

Previous year witnessed Armani tying up with Lodha, a Mumbai-based real estate developer Group. This year the Italian fashion designer is joining his hands together with the Noida-based Supertech for designing Armani Tower.

Lodha developers had signed on Armani for designing their 117-storey residential project. The project comprises apartments and villas. The prices range from Rs.7.5 Cr to Rs.50 Cr.

Armani Tower, comprising 100 luxury housing units, will be designed in Supernova one of the most notable luxury projects of Supertech. The project will spread over 4,00,000 sq. ft. Armani will design the interiors and furniture of the project.

The project will have apartments of two sizes — 3,000 sq. ft. and 5,000 sq. ft. The estimated rate of each unit will be near to Rs.20,000 per sq. ft. These housing units which cost nearly Rs.10 Cr will be the most expensive in Greater Noida. Continue reading

Real Estate India to Have Rs.8000 Cr Worth New Projects

Real estate sector signaled the bouncing back. Real estate sector has been undergoing a sluggish momentum which the sector has overcome now.

Real estate majors like Supertech and Ansal API have announced their new real estate launches worth Rs.8,000 Cr. The realty majors plan to invest the amount for a period of 4 years.

Meanwhile some real estate builders are looking for options to cut the debts off by divesting their properties. Yet this is not the case for the coming years. Real estate experts opine that the coming years will be booming years for real estate sector. Continue reading

The Supreme Court Upheld the Noida Extension Order

The Supreme court had upheld the order of Allahabad High Court that had nullified the possession of Greater Noida Authority of land of Greater Noida in Shahberi Village. Also, Supreme Court had imposed a fine of INR 10 lakh on the Greater Noida Authority. The SC said the Greater Noida Authority bought lands from farmers for industrial projects but later they changed the land usage to residential projects which is a complete act of violation of the purpose of the land. The SC’s decision is likely to affect several builders – Amarpali, Ajnara, Mahagun, Supertech and Panchsheel.

On the contrary, Supertech Limited has not launched or sold any project on the land falling in this village. This village is closest to the project Eco Village2 but the current land of this project does not belong to this village. Construction is on for all the 3 projects – Ecovillage-1, Ecovillage-2, Ecovillage-3) in Noida Extn. Thus all the investments are fully safe and project would be completed on time. The Ecovillage housing are affordable with starting price as 9.85 lakhs.

So, Noida Extension’s loss will yield an unexpected gain for other locations such as Noida, Indirapuram, Vaishali, Vasundhara and Raj Nagar Extension?

Comeback Of Realty

Halifax's Version Of 'Repent Sinner' and 'Riot 2010'
March 26, 2010

Towards the end of 2009, remarkable appreciation in values has been observed by the residential markets across big cities of India. Report by Wakefield and Cushman informed that in the two key residential markets in India, Mumbai and NCR, this trend is most prominent. In these areas, as compared to the same period of last year, values in Oct-Dec 2009 were appreciated.

Since Mumbai and NCR are one of the high demanded markets, both from the investors and consumers, it witnessed a faster recovery than other cities. As a result of economic slowdown, these investors were backing out their requisites which had brought a kind of uncertainty in the job markets. But on the other hand, this slowdown brought affordable housing to the consumers which in turn led to sharp upward correction in the capital values and strong recovery in the economy.

Since in NCR, a large number of projects were sold out as soon as they were launched, it can be concluded that the demand for the housing which seems to be affordable, i.e., ranging from 20 to 40 lakhs was quite high. Recently, 500 flats offered by Supertech in Noida at a cost of 9.75 lakhs are sold out just after its launch. Due to the new trend, volume of transactions has been aggrandized.

However, this trend can continue only if the government takes back the extra burden of the 10.3 percent service tax which was announced in the budget 2010 on the sale of flats before there completion. This may make the projects under construction more attractive.