Relief for 4,000 buyers as Noida authority approves co-developer for four Supertech projects

                Noida: Nearly 4,000 homebuyers are set to benefit as Noida Authority board has allowed a co-developer to complete four stalled group housing projects developed by debt-
ridden 
Supertech Ltd in the city.The clearance paves the way for Apex Group to step in and revive The Romano in Sector 118, North Eye and Cape Town in Sector 74, and Eco 
City in Sector 
137.In April, Apex Group submitted a resolution plan before the Supreme Court seeking to revive 16 projects of debt-ridden realty firm, giving hope to over 15,000 
homebuyers. The 
company agreed to clear Rs 678 crore of dues to five banks and around Rs 1,900 crore to Noida, Greater Noida and Yamuna authorities. In the initial phase, the company 
committed 
to invest Rs500 crore, with plans to deliver the flats within two years of taking over.Out of 50,962 housing units across the 16 projects, 39,870 have already been sold. Of 
these, 
24,871 have been handed over to buyers, while 14,999 are yet to get possession. An investment of Rs 1,700 crore is required to complete the sold homes, while 
receivables from 
these units are Rs 2,200 crore.
The final nod from the Supreme Court on Apex's proposal is still awaited.In Feb, the top court had stayed the appointment of state-owned NBCC as the project 
management 
consultant for completing the 16 stalled housing projects."For homebuyers, it doesn't matter whether a co-developer or NBCC completes the project—they just want their 
homes 
delivered and registered at the earliest," Abhishek Kumar, president of NEFOWA, told TOI. "Money of nearly 10,500 buyers are stuck in these projects. Some have received 
possession but are still waiting for property registration. Others haven't received their flats at all," he said.Earlier, a section of buyers criticised the stay order on appointing 
NBCC to 
complete the stalled projects as an attempt to shield defaulters and escape accountability. They pointed out that Apex has no experience in handling stalled or litigated 
projects, while 
NBCC has managed the Amrapali case efficiently.Noida Authority officials, meanwhile, told TOI its approval was based on a policy devised by the Amitabh Kant committee 
and 
sanctioned by the UP govt earlier this year. The framework aimed to resolve legacy real estate logjams and deliver long-promised homes.Supertech chairman RK Arora 
said the four 
projects that are to be completed by Apex Group are 70-80% complete. "Apex will take over and complete them. We hope Greater Noida and Yamuna authorities will 
extend similar 
approvals," he added.Cape Town and North Eye together have 7,000, of which 5,500 have been already handed over to buyers. In Romano, 400 flats have been handed 
over while 
construction of 1,500 are pending. Of 1,600 flats in Eco City, 1,400 have been delivered and 200 remain.Satnam Singh Sachdeva, CMD of Apex Group, said his company 
plans to 
develop and deliver approximately 15,000 flats across all 16 Supertech projects. "Most of the project work is nearly completed. The remaining construction will resume once 
we get a 
go-ahead from Supreme Court," he said.



Source : Times of India