In a significant development for the beleaguered real estate sector, Kotak Investment Advisor Limited (KIAL) has stepped in to provide a much-needed lifeline to Supertech’s stalled project in Noida. The investment firm has committed Rs 450 crore to revive the 5 million square foot development, which includes the NCR region’s tallest residential tower.
To ensure the project’s successful completion, KIAL will also disburse Rs 310 crore to existing lenders, thereby addressing the financial constraints that have plagued the project. This strategic infusion of capital is expected to kickstart construction and offer much-needed relief to thousands of homebuyers who have been eagerly awaiting possession of their units.
With an estimated revenue potential of over Rs 7,000 crore upon completion, the project is poised to be a lucrative venture for KIAL. This investment not only demonstrates Kotak’s confidence in the Indian real estate market but also underscores its commitment to resolving the challenges faced by the sector. The successful revival of this project could serve as a catalyst for other distressed real estate projects, potentially boosting investor confidence and market sentiment.
