The state-owned National Buildings Construction Corporation (NBCC) moved the Supreme Court on Tuesday (September 24). The NBCC has sought to develop and complete embattled realty major Supertech Limited’s 17 stalled or partially built projects. Around 27,000 hassled home buyers have remained stuck in these projects for years. These 17 projects were started in the National Capital Region, Dehradun and Bengaluru. The completion of the residential units was obstructed due to the financial crisis faced by the realty major, which led to insolvency proceedings in 2021. Advocate ML Lahoty appeared for the hassled home buyers. Lahoty told the bench of Justices Sanjiv Khanna and Sanjay Kumar that the NBCC has come ahead with a proposal. In this proposal, the NBCC has sought to complete these stalled projects, having around 51,000 residential units.
Senior advocate Gopal Jain appeared for the NBCC and said the public sector undertaking has filed an intervention application. The application has been filed in a case related to the insolvency proceedings of Supertech Ltd to finish the stalled project on the lines of Amrapali Group. In the case involving Amrapali Group, the apex court had appointed NBCC to complete the incomplete projects. It happened after the group faced allegations of diversion and syphoning off huge amounts of homebuyers’ money.
As per a report, NBCC has offered to complete the construction of 50,000 flats, of 17 housing projects of Supertech Limited in 3 years. All these flats will be constructed in 3 phases. As per the latest report, NBCC has set a target of building 26,000 flats in the first phase. These comprise 7 projects spread across Noida and Greater Noida. In the first phase, flats will be constructed in
1. Eco Village, 2 Greater Noida, 7135 flats
2. Romano, Noida, 2130 flats
3. Capetown, Noida, 4932 flats
4. Kezar Suite, Greater Noida, 2102 flats
5. Eco Village-3, Greater Noida, 3917 flats
6. Sports Village, Greater Noida, 365 flats
7. Eco City, Noida, 2151 flats
In the second phase, as many as 19,559 flats will be constructed in Noida, Yamuna Expressway, Greater Noida and Meerut. In the third phase, 4773 flats will be finished in Gurugram, Rudrapur, Dehradun and Bengaluru.
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