NBCC Steps Up to Complete Supertech's Stalled Projects

State-owned NBCC has been named project management consultant to revive Supertech Ltd's halted projects, valued at Rs 9,500 crore, bringing hope to homebuyers. The decision, mandated by the NCLAT, covers 16 projects with nearly 50,000 homes across several Indian states, including Uttar Pradesh, Uttarakhand, Haryana, and Karnataka.

State-owned NBCC has been appointed as the project management consultant to finalize Supertech Ltd's 16 stalled real estate projects. This initiative, costing nearly Rs 9,500 crore, aims to relieve thousands of homebuyers who have been in limbo.

According to a regulatory filing on Thursday, the National Company Law Appellate Tribunal (NCLAT) ordered on December 12, 2024, that NBCC (India) Limited takes charge as the Project Management Consultant for these projects. This decision marks a significant step towards resuming work on these long-pending constructions.

NBCC is tasked with completing 16 projects, totaling 49,748 housing units across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka. The construction is expected to cost approximately Rs 9,445 crore, including a 3 percent contingency. NBCC, which has experience in handling stalled projects like those of the Amrapali Group, will earn an 8 percent consultancy fee, which includes a 1 percent marketing expense.

(With inputs from agencies.)