The Supertech Supernova project has been set in motion, thanks to a substantial intervention by Kotak Investment Advisors. The Noida Authority confirmed that Kotak will take over the troubled project, which had been stalled due to financial difficulties faced by Supertech Realtors Private Limited, a subsidiary of the Supertech Group.
The crisis surrounding the Supernova project, a major real estate development, had led to significant delays and unrest among homebuyers. On July 3, the National Company Law Tribunal (NCLT) instructed the firm to resolve its financial disputes with creditors and stakeholders. In response, Kotak Investment Advisors has stepped in to address the funding shortfall, thereby offering a lifeline to the beleaguered project. According to the Noida Authority, Kotak has requested approval for various project-related necessities, including building layout maps, registry processes, and no-objection certificates (NOCs). The issuance of these approvals will enable homebuyers to finalise the registration of their units, a crucial step towards restoring confidence in the project.
Kotak’s involvement will see an infusion of Rs450 crore earmarked specifically for the construction phase of the Supernova project, which has an estimated total cost of Rs7,000 crore. Additionally, Rs310 crore will be allocated towards settling existing liabilities, while an upfront payment of Rs50 crore will be made to the Noida Authority. These funds are intended to cover both debt repayment and ongoing development costs.
The Supertech Group Chairman confirmed that Kotak’s proposal has been sanctioned by the Noida Authority’s board. The payment structure will be managed through an escrow account to ensure transparency and accountability. This development marks a significant turnaround for the Supernova project, offering a pathway to completion and justice for the affected homebuyers. The Noida Authority’s commitment to facilitating necessary approvals and addressing outstanding issues underscores its role in supporting the project’s revival.
Kotak’s intervention not only provides critical financial support but also restores momentum to a project that had faced considerable setbacks. The comprehensive funding plan and strategic oversight are poised to revive the Supernova development, reaffirming confidence in its successful completion.
