Supertech to invest Rs 5,706 cr in Haryana

New Delhi, Mar 8: Realty firm Supertech today announced an investment of Rs 5,706 crore over 7 years to develop affordable housing and township projects in Haryana and generate 5,000 employment opportunities.

Supertech has signed an memorandum of understanding (MoU) with the Haryana government in this regard at investors meet 'Happening Haryana Global Summit 2016'.

It will generate 5,000 employment opportunities in the state. "Under the government's initiative of 'Housing For All' by 2022, Supertech is developing affordable housing and township projects in Gurgaon and will be investing Rs 5,706 crore in the state," the company said in a statement.

Under the agreement, Supertech will develop affordable housing and township projects. "The state has a lot of potential in terms of infrastructure and industrial development and has become a hub for affordable housing and infrastructural facility after the launch of Affordable Housing Scheme by the Haryana government," said RK Arora Chairman Supertech.

Supertech is developing 36 projects in Noida, Greater Noida, Ghaziabad, Gurgaon and Bengaluru, among others.

In April 2014, the Allahabad High Court had ordered to demolish the company's two 40-storey towers in a Noida housing project.

The judgement was passed while allowing a writ petition of the Emerald Court Owners Resident Welfare Association, which alleged that the approval and construction of the two towers was "in complete violation of the UP Apartment Acts".

Supertech has challenged the High Court order in the Supreme Court. The two towers -- Apex and Ceyane -- have 857 apartments, of which about 600 flats are sold.

PTI