There's encouraging news for around 4,000 homebuyers caught up in Supertech’s stalled projects. The Noida Authority has approved the appointment of a co-developer to complete four of Supertech's pending projects. Apex Group has been named as the co-developer for this venture. More than 4,000 buyers were holding on to the dream of owning their homes, with their wait appearing endless. Now, the verdict from Noida Authority sparks hope for much-needed respite.
During a meeting of the Noida Authority board, it was decided that The Romano in Sector 118, along with North Eye in Sector 74, Cape Town, and Eco City Project in Sector 137 will now be seen through to completion by Apex Group.
In April, Apex Group inspired hope for over 15,000 homebuyers by unveiling a resolution plan before the Supreme Court to revive 16 stalled projects of indebted real estate companies. The firm consented to settle outstanding debts of ₹678 crore to five banks and approximately ₹1,900 crore to Noida and Greater Noida Authorities. Initially, they are set to infuse ₹500 crore, envisaging the delivery of flats within two years of acquisition.
Out of Supertech's 16 projects containing more than 50,000 units, around 39,870 have been sold, with approximately 24,871 flats already delivered. However, possession of nearly 15,000 homes is still pending. Completing the unfinished projects will require an investment of about ₹1,700 crore, while these units are projected to generate a revenue of ₹2,200 crore.
