Homebuyers of 16 stalled housing projects by Supertech have written to Chief Justice of India B R Gavai and Prime Minister Narendra Modi, seeking their intervention to hand over these projects to state-owned NBCC instead of NCR-based Apex Group.
The homebuyers called for vacating a stay imposed by the top court on a National Company Law Appellate Tribunal (NCLAT) order in December 2024, directing that all these projects be entrusted to NBCC (India) Ltd for time-bound completion.
The stay was based on a proposal Apex Group submitted to the Supreme Court to revive the projects.
“After enduring over a decade of financial loss, mental trauma, and shattered dreams, we now face the imminent threat of being handed over once again to a private entity — Apex Heights Pvt Ltd — whose proposal and compliance affidavit submitted to the SC is fundamentally flawed, financially unviable, ethically questionable, and devastating for homebuyers,” they said in the letter.
The 16 stuck projects of Supertech comprise 50,962 homes, of which 39,870 are sold and 11,092 remain unsold. Of the sold homes, 24,871 have been handed over to buyers, while 14,999 are yet to be delivered.
An investment of Rs 1,700 crore is required to complete the sold homes, while receivables from these units are estimated at Rs 2,200 crore.
“NBCC has delivered large-scale, complex stalled housing projects such as Amrapali. It has the technical expertise, government backing, operational credibility, and most importantly — the trust of homebuyers,” said Mujeebur Rahman, a homebuyer.
The buyers have also demanded the disqualification of Apex from the resolution process and the complete removal of Supertech promoters from it.
“We have requested the Supreme Court that no further interlocutory applications (IA) be entertained at this advanced stage of the proceedings. It has already been 15 long years, and more than 50,000 homebuyers are still waiting for their homes, having suffered immense financial and mental distress,” Rahman said.
Homebuyers have alleged that Supertech is attempting to block NBCC’s onboarding by pushing the Apex proposal.
Supertech, however, said once the Supreme Court approves the resolution plan submitted by Apex Heights, it will pave the way for all stakeholders to complete the 16 projects, with deliveries to homebuyers starting within three months and being completed in the next 24 months, in addition to repayment to financial institutions and land authorities as agreed in the plan.
“Since the de-linking of the Doon Square Project in reverse insolvency, the handover of units has been done by Ametek, the codeveloper in the project, well before the time stipulated. NCLAT had directed delivery in 12 months, whereas 100% handover of units to homebuyers has been successfully completed in nine months,” Supertech said in a statement.
Apex Group has 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 has committed to invest Rs 500 crore, with plans to deliver the flats within two years of taking over.
