KIAL Commits INR 450 Crore to Revive Stalled Supernova Project by Supertech in Noida

Strategic Investment in Supertech’s Supernova Project

Kotak Investment Advisors Ltd (KIAL) has announced an investment of ₹450 crore in Supertech’s mixed-use ‘Supernova’ project located in Sector 94, Noida. This significant financial injection is set to revitalize the project, which had been stalled due to financial difficulties faced by Supertech.

Project Overview and Revenue Potential

The ‘Supernova’ project, covering 5 million sq ft, is currently 50% completed and includes the tallest residential tower in the NCR region. Upon completion, the project is expected to generate revenue exceeding ₹7,000 crore, according to Supertech.

Financial Obligations and Tripartite Agreement

• Total Dues: ₹3,319 crore owed to the Noida Authority.
• Initial Deposit: ₹50 crore to be paid upfront by KIAL. T
• ripartite Agreement: To be signed between Supertech, KIAL, and Noida Authority, facilitating the creation of an escrow account.

KIAL’s investment will include ₹310 crore earmarked for repaying existing lenders, offering them an exit from the project.

The Noida Authority has stipulated that a no-objection certificate (NOC) for the project map and registry will be issued following the deposit.

Revival Plan and Escrow Account

Third-Party Audit:

KIAL plans to conduct a financial audit, covering both sold and unsold units.

Escrow Management:

Funds from sales and registry will be directed into the escrow account, ensuring transparency and proper allocation of resources. Once KIAL deposits the initial ₹50 crore, the Noida Authority will proceed with the registry process and approve the revised project map.

Supernova Project Details

The Supernova development includes four towers:

• Spira: India’s tallest mixed-use tower with 80 floors, standing at 300 meters.
• Nova East, Nova West, and Astralis: Additional towers, with residential units already delivered, but pending construction of a shopping mall and serviced apartments.

Impact on Supertech’s Other Projects

The successful revival of the Supernova project is expected to have a positive ripple effect, allowing Supertech to resume work on other delayed projects.