The Noida Authority has approved a co-developer model to expedite the completion of four stalled Supertech housing projects. This decision is expected to bring relief to nearly 4,000 homebuyers who have been awaiting possession of their homes. The projects in question—Supertech Capetown in Sector 74, Supertech Romano in Sector 118, Supertech North Eye in Sector 74, and Supertech Ecocity in Sector 137—have faced delays due to financial constraints and legal challenges.
Under the newly approved model, Apex Group has been designated as the co-developer. The company has committed an initial investment of INR 500 crore to kickstart construction and clear outstanding dues. Apex plans to complete the remaining work within two years of taking over the projects. This move aligns with the policy framework recommended by the Amitabh Kant Committee, which advocates for the involvement of co-developers to resolve stalled real estate projects. The Uttar Pradesh government had sanctioned this policy earlier this year, providing a legal and operational structure for such interventions.
Apex’s involvement is seen as a strategic step to address the financial and operational challenges faced by Supertech. The company has agreed to clear dues totaling INR 2,578 crore, including INR 678 crore owed to five banks and approximately INR 1,900 crore to Noida, Greater Noida, and Yamuna authorities. This financial commitment is crucial for the revival of the projects and the restoration of buyer confidence. While the decision has been welcomed by many homebuyers, some have expressed concerns about Apex’s experience in handling large-scale, stalled projects. A section of buyers has advocated for the involvement of NBCC, citing its successful track record in managing similar situations, such as the Amrapali case. However, the Noida Authority’s approval of Apex indicates a shift towards leveraging private sector capabilities to resolve real estate challenges.
The Supreme Court is expected to review Apex’s proposal in mid-August. Pending the court’s approval, construction activities are set to resume, with the aim of delivering the flats to buyers within the stipulated timeframe. This initiative by the Noida Authority underscores a proactive approach to urban development, aiming to address the housing needs of residents and restore faith in the region’s real estate sector.
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