Supertech Housing Project: The stalled projects of realty company Supertech, which has been facing difficulties for a long time, will now be completed soon. There is news of relief for thousands of customers who have invested in these projects because the government company National Buildings Construction Corporation (NBCC) Supertech Limited has proposed to build 50,000 flats in 17 projects of Supertech in three years. Now after Amrapali, Supertech customers are set to get relief.
NBCC will complete the projects
Supertech Limited has gone bankrupt and is being run by an insolvency professional. Serious allegations like money laundering and fund diversion have been leveled against the promoter of the company. Due to this, the construction work of the company’s projects was stopped and thousands of people’s money was stuck. After this, NBCC had sought permission from the National Company Law Appellate Tribunal (NCLT) to work as a consultant for the projects.
According to media reports, NBCC can complete these stalled projects at a cost of Rs 9,500 crore and in return it can earn Rs 16,000 crore. Out of this, Rs 14,000 crore can be of unsold inventory. After this proposal of NBCC, new hope has arisen among the buyers of Supertech.
According to the news of Times of India, the construction of all these flats will be completed in three phases. In such a situation, this is a big relief news for those who have invested money in Supertech Limited’s housing projects in Noida and Greater Noida.
Flats will be constructed in 12-36 months
NBCC has set a time of 12 to 36 months to complete the projects, which will start from Day Zero. Day Zero includes everything from land approval to funds. NBC has sought the account of these projects, saying that availability of funds in the project is necessary. Along with this, it has informed that Rs 100 crore will be required to start the projects. For this, the company has sought cooperation from local authorities as well as homebuyers and Supertech.
NBC has set a target of building 26,000 flats in the first phase, which includes 7 projects in Noida and Greater Noida. In the second phase, 19,558 flats will be built in Noida, Yamuna Expressway, Greater Noida and Meerut. In the third phase, construction of 4,773 flats will be completed in Gurugram, Rudrapur, Dehradun and Bengaluru.
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