NEW DELHI: State-owned NBCC will approach the Supreme Court to seek exemption for RERA registration as 11 out of 16 projects of Supertech it has been asked to take over will require fund infusion, according to two people aware of the matter.
The Supreme Court recently upheld an NCLAT order asking NBCC to complete 16 housing projects of debt-ridden realty firm Supertech Limited.
However, upon analysis NBCC found that funds need to be diverted to complete the projects, which RERA does not allow.
“NCLT doesn’t have the power to give RERA exemption, which is necessary to deliver these projects. We got exemption in the Amrapali case also, where the construction is going on smoothly,” said one person aware of the matter.
An official of NBCC said that the surplus cash from one project will have to be diverted to other projects. NBCC is hopeful of resuming the construction in 2-3 months and has prepared a delivery timeline of up to 3 years to complete the entire portfolio.
NBCC will also raise funds from financial institutions.
“Some projects, where less work is left, will only take a year, while some will take two years. However, some of the projects are greenfield, where development has not started. Those will take three years,” the official said.
Homebuyers of 16 stalled housing projects by Supertech had written to the Chief Justice of India 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 had called for vacating a stay imposed by the top court on a National Company Law Appellate Tribunal (NCLAT) order in December 2024 directing 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.
The 16 stuck projects of Supertech comprise 50,962 homes, of which 39,870 were 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.
