Good news for 27,000 home buyers stuck in Supertech’s stalled project, now this company will build houses

There is good news for lakhs of buyers stuck in the stuck project of Supertech. Government company NBCC Limited on Tuesday filed a petition in the Supreme Court, appealing to develop and complete 17 stalled or partially constructed projects of real estate major Supertech Limited. Around 27,000 distressed home buyers have been stuck in these projects for years. These 17 projects were started in the National Capital Region (NCR), Dehradun and Bengaluru, but the construction of residential units could not be completed due to the financial crisis faced by the company, due to which insolvency proceedings are going on against the company since 2021.

NBCC will build 51,000 flats

Advocate ML Lahoti, appearing for the distressed home buyers, told a bench of Justices Sanjiv Khanna and Sanjay Kumar that NBCC has come up with a proposal to complete these stalled projects comprising about 51,000 residential units. Senior advocate Gopal Jain, appearing for NBCC, said that the public sector undertaking has filed an intervention application in the matter related to the insolvency proceedings of Supertech Limited so that the stalled projects can be completed on the lines of Amrapali Group.

Completing the work of Amrapali Group

In the case involving Amrapali Group, the Supreme Court had appointed NBCC to complete the stalled projects as the realty company was facing allegations of misappropriation of huge amounts of money of home buyers. The bench agreed to list the matter on October 1 and said it would consider NBCC’s proposal.