Kotak Invests ₹450 Cr to Rescue Supertech's Supernova

Kotak Investment Advisor (KIAL) has committed to investing ₹450 crore in Supertech's ambitious 'Supernova' project in Sector-94, Noida. This infusion of funds aims to expedite the construction of the five million square feet development, which has faced significant delays. As part of the deal, KIAL will also settle ₹310 crore in dues to existing lenders to help restart the stalled project.

The Supernova project, which is currently 50% complete, features the tallest residential tower in the National Capital Region (NCR). Once finished, the project is expected to generate over ₹7,000 crore in revenue. In a bid to secure the project's completion, the Noida Authority, which is owed ₹3,319 crore in land dues, has requested KIAL to deposit ₹50 crore. An agreement is set to be signed between Supertech, KIAL, and the Noida Authority, ensuring funds are managed through an escrow account.

Approved by the Noida Authority’s board, Kotak’s investment will prioritize clearing land dues through the escrow account. The Supernova project comprises four towers, including Spira, the Iconic Tower, which will be India’s tallest mixed-use development with 80 floors, along with Nova East, Nova West, and the Astralis tower.

While most of the residential units have been delivered, Supertech still needs to complete a mall and serviced apartments. The Noida-based developer is also tasked with delivering over 15,000 homes, underscoring the importance of this fresh financial backing from KIAL.

News by Rahul Yelligetti