Noida Authority’s recent decision to permit a co-developer to finalize four unfinished housing projects by the financially distressed Supertech Ltd. is set to benefit nearly 4,000 homebuyers. Apex Group is the entity stepping in to revitalize these developments, which encompass 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 comprehensive resolution strategy to the Supreme Court, aiming to resuscitate 16 projects by the debt-laden realty firm, a move that offers hope to more than 15,000 homebuyers. The company committed to settling Rs 678 crore in outstanding payments to five banks and approximately Rs 1,900 crore to the Noida, Greater Noida, and Yamuna authorities. Initially, Apex Group plans an investment of Rs 500 crore, with an aim to deliver the flats within two years of assuming control.
Of the 50,962 housing units spanning the 16 projects, 39,870 units have already found buyers. Among these, 24,871 have been delivered to purchasers, while 14,999 are still awaiting possession. An estimated Rs 1,700 crore is needed to complete the sold residences, against receivables of Rs 2,200 crore from these units. The Supreme Court’s definitive approval for Apex’s proposal is still anticipated. It’s worth noting that in February, the apex court put a stay on the appointment of the state-owned NBCC as the project management consultant for these 16 delayed housing projects.
For homebuyers, the paramount concern is the timely delivery and registration of their properties, irrespective of whether a co-developer or NBCC completes the work. Approximately 10,500 buyers have their funds tied up in these ventures; some have taken possession but are still awaiting property registration, while others have yet to receive their flats at all.
Regarding the four projects Apex Group is slated to finish, Supertech chairman RK Arora indicated they are 70-80% complete. Satnam Singh Sachdeva, CMD of Apex Group, conveyed plans to construct and hand over approximately 15,000 flats across all 16 Supertech projects, with most of the development work nearing completion. The remaining construction will recommence once the Supreme Court provides its consent.
Specific project details include:
- Cape Town and North Eye: These two projects collectively account for 7,000 units, with 5,500 already transferred to buyers.
- Romano: 400 flats have been handed over, but 1,500 units are still under construction.
- Eco City: Out of 1,600 flats, 1,400 have been delivered, leaving 200 remaining.
Earlier, certain buyers voiced criticism against the stay order on NBCC’s appointment, perceiving it as an effort to shield defaulting parties and avoid accountability. They highlighted Apex’s lack of experience with stalled or litigated projects, contrasting it with NBCC’s effective management of the Amrapali case. Noida Authority officials, however, clarified that their approval was based on a policy formulated by the Amitabh Kant committee and endorsed by the Uttar Pradesh government earlier this year, designed to resolve long-standing real estate issues and deliver promised homes.
