Noida: Kotak Investment Advisors Ltd will fund Supertech’s Supernova project, clearing not only bank dues of over Rs 300 crore but also injecting Rs 450 crore to complete construction that remains. The investor for the commercial-cum-residential project in Sector 94 will have to make an upfront payment of Rs 50 crore to Noida Authority, which will initiate the process of map approval and pave the way for registries to begin for homebuyers. For the residential component of the Supernova project , the Noida Authority board has also agreed to a zero-period waiver on interest and penalties incurred during two years of the Covid pandemic.
It, however, rejected requests for any Covid-related exemption for the other components of Supernova, saying the govt’s rehabilitation policy for stalled projects did not extend to commercial properties. Additionally, the board has decided not to charge any time-extension fee for three years of construction period. According to the deal, Kotak and Supertech must now enter into a tripartite agreement with the Authority and set up an escrow account to oversee the project’s revenue.
All project-related income, including asset sales and sub-lease proceeds, will have to be deposited into this account. The Authority has also asked Kotak to get a third-party verification done of the approved Floor Area Ratio (FAR), the area for which occupancy certificates were issued, and the status of sub-lease documents. The investor must provide detailed infor.