New Delhi, December 12
Thousands of homebuyers from Noida, Greater Noida, Meerut, Gurugram, Rudrapur, and Bangalore who have booked flats, houses, and commercial units in 16 projects by Supertech Limited have something to cheer about.
The National Company Law Appellate Tribunal (NCLAT) has appointed the state-owned NBCC as a project management consultant to complete the 16 pending projects at an estimated cost of Rs9,500 crore.
In a regulatory filing on Thursday, the company stated that the NCLAT, through its order dated December 12, 2024, has "appointed NBCC (India) Limited as Project Management Consultant for the completion of 16 projects of Supertech Ltd."
NBCC will oversee the completion of these projects, which include 49,748 housing units spread across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka.
The projects include Ecovillage-2, Romano, Capetown, Czar Suites, Eco-Village 3, Sports Village, and Eco-Citi in Noida and Greater Noida under Phase 1. Projects such as Northeye, Upcountry, Eco-Village 1, Meerut Sports City, and Green Village Meerut in Noida, Yamuna Expressway, Greater Noida, and Meerut fall under Phase 2. Under Phase 3, projects include Hilltown, Araville, Rivercrest, Doon Square, and Micasa in Gurugram, Rudrapur, Dehradun, and Bangalore.
"The tentative construction cost of the project is approximately Rs9,445 crore, including a 3 per cent contingency. The consultancy fee has been set at 8 per cent, including a 1 per cent marketing fee," NBCC said.
Homebuyers and commercial unit holders who have already been allotted units by Supertech, with valid allotments, will not face any escalation in costs, except for dues payable as per their Builder-Buyer Agreements.
NBCC plans to initiate the process of awarding contracts by 31 March 2025 and aims to finalise the contracts within a month. Construction is scheduled to commence from 1 May 2025.
The remaining funds, apart from the 70 per cent allocated for construction, may be used for repayments to banks, authorities, and financial institutions.
An apex court committee and project-specific court committees will be constituted for each of the 16 projects. NBCC will nominate one member to each project-specific committee. If required, the apex court committee will be authorised to transfer surplus funds from one project to another.
NBCC's role extends beyond project management consultancy; it will ensure the projects are completed efficiently while avoiding unnecessary or extra costs due to limited funding.