Four-Tower Supernova Project in India Gets Funding

Supertech Realtors’ Supernova luxury development in Noida, India, consisting of four towers up to 80 stories tall and India’s biggest commercial defaulter, has gotten a new lease on life thanks to INR7.5 billion (US$89.4 million) in funding from alternative investment firm Kotak Investment Advisors Ltd., The Times of India was among outlets to report in August. The influx of cash will clear Supertech’s bank dues and inject INR4.5 billion (US$53.6 million) into the developer’s coffers to complete the remaining construction. Kotak and Supertech have agreed to deposit any project-generated income into an escrow account overseen by the Noida Authority. In addition to the 80-story, 300-m-tall Spira tower, Supernova includes Nova East, Nova West and Astralis. Approximately 600 of the development’s 2,000 homebuyers have already taken possession of their flats.