NBCC Steps In to Complete Supertech's Stalled Projects Across India

The National Company Law Appellate Tribunal has enlisted NBCC to oversee the completion of 16 delayed Supertech projects. Spanning across several Indian states, the initiative, with an estimated cost of Rs9,500 crore, promises relief for thousands of homebuyers involved. NBCC's task includes managing costs and ensuring efficiency.

In a significant development for homebuyers across several Indian cities, the National Company Law Appellate Tribunal (NCLAT) has appointed NBCC, a government entity, as the project management consultant for completing 16 pending projects by Supertech Limited. These projects, dispersed across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka, are projected to require an investment of Rs9,500 crore.

The ruling, delivered by the tribunal on December 12, 2024, assigns NBCC the task of finalizing nearly 49,748 housing units spread across these regions. The projects encompass various residential and commercial ventures, including notable ones like Ecovillage-2, Capetown, and Eco-Citi in Noida and Greater Noida. Each phase of the project targets specific areas, with additional projects outlined in Gurugram, Rudrapur, Dehradun, and Bangalore.

NBCC's responsibilities aren't limited to project management. The organization must also prevent unnecessary expenses, ensuring the project's completion within the specified funds. The company aims to maintain price stability for homebuyers, except for specified dues. With construction slated to begin on May 1, 2025, NBCC is gearing up to start the contract awarding process by March 31, 2025.

(With inputs from agencies.)