Bank of Baroda, a key lender for Supertech Group, has recently approved and sanctioned a crucial resolution plan for the company’s Dehradun project. This decision is significant as it will pave the way for the delivery of over 600 homes to eager homebuyers.
Key Developments:
- Approval of Dehradun Project: The resolution plan for the Dehradun project was submitted by Supertech to the National Company Law Appellate Tribunal (NCLAT). This approval marks the first successful resolution of a project under Supertech’s plan.
- Co-Developer Inclusion: Bank of Baroda has also agreed to include a co-developer in the Dehradun project. This step is expected to help resume the stalled project more effectively.
- Partnership with Local Developer: RK Arora, Chairman of Supertech Group, stated, “We have partnered with a local developer to restart the stalled Dehradun project. We are now working on getting approvals from other lenders for our remaining projects. Our goal is to get each project approved one by one. The bank has chosen not to support NBCC’s proposal to take over the project and has allowed us to handle it ourselves.”
Financial Boost for Supertech:
- Kotak Investment Advisors Ltd (KIAL) Investment: Recently, Kotak Investment Advisors Ltd agreed to invest Rs 450 crore into Supertech’s stalled mixed-use project in Noida. This investment provides a significant financial boost to the cash-strapped developer.
- Supernova Project: The ‘Supernova’ project in Noida’s Sector 94, which spans 5 million square feet and includes the tallest residential tower in the NCR region, is 50% completed. The project has a potential revenue of over Rs 7,000 crore upon completion, according to Supertech’s proposal to the Noida authority.
- Impact of Supernova’s Revival: Reviving the Supernova project is expected to help Supertech resume its other delayed projects, some of which have been stalled for years.
Financial Overview:
- Deliveries and Liabilities: Supertech is committed to delivering over 15,000 homes. The company’s total liabilities, including dues to banks and development authorities, amount to about Rs 8,000 crore. However, their project receivables from both ongoing and upcoming projects exceed Rs 14,000 crore, indicating a positive net worth.
- Plans for Revival: Supertech has submitted a revival proposal to the Uttar Pradesh government and is in the process of selling some land parcels. This will help provide exits for lenders and use the remaining funds to speed up construction on its stalled projects.
With these developments, Supertech is making strides towards resolving its financial challenges and fulfilling its commitments to homebuyers.
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