Home/ News / India/  Good news for Supertech flat owners! Singapore firm may complete unfinished work

Good news for Supertech home buyers who have been waiting for the completion of their homes for more than a decade. If the Supreme Court permits a Singapore company to invest funds in the stalled projects then the dreams of thousands of home buyers of Supertech will get fulfilled.

Over 20 thousand home buyers are in a distressful situation who have bought flats in Supertech, Live Hindustan, sister publication of Livemint reported. Between 2009-12, several people made a booking of flats as they were promised they will get a complete handover of their dream house after three years of booking. However, this has not happened till now. In addition to this, hundreds of other flat owners are also waiting for the registry to happen. The authority is not allowing the registry if the builder does not pay the amount.

According to the Hindi daily, the NCLT court has appointed IRP (Interim Resolution Professional) after starting the process of declaring Supertech bankrupt.

Apart from this, RERA, authority, and administration have also tightened their noose on the real estate company.

However, banks have opposed the IRP proposal. They said that if the Singapore company invests at a higher interest rate then how will they get their dues. Investment should be allowed only after clearing their dues.

List of Supertech flats on the verge of bankruptcy:

1. Supertech Limited, Sector 74

- 676.64 crore outstanding

2. Ajnara India, Sector 74

- 47.66 crore outstanding

3. Red Fort Jehangir Properties, Sector 100

- 393.96 crore outstanding

4. GraniteGate Property, Sector 110

- 877 crore outstanding

5. IVRCL Infrastructure and Project, Sector 119

- 221.24 crore outstanding

6. Shubhasha Bldtac, Sector 137

- 159.25 crore outstanding

7. Logix City, Sector 143

- 555.58 crore outstanding

8. 3C project, Sector 168

- 479.40 crore outstanding

9. Today Homes Noida, Sector 135

- 167.13 crore outstanding

10. Supertech Limited, Sector 137

-Outstanding 121.06 crore

11. GSS Procon, Sector 143B

- 69.66 crore

12. Opulent Infradevelopers, Sector 168

- 90.56 crore

13. Hacienda Project, Sector 107

- 137.82 crore

14. Logix Infratech, Sector 143

- 645.51 crore

15. Dosile Buildtech, Sector 143

- 90 crore outstanding

Last year, two towers of Supertech got demolished after a Supreme Court order in August 2021 cited its illegal construction. In its verdict, the court pointed out multiple instances wherein the builders colluded with officials in authority in Noida to build the structure in violation of building codes.

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Updated: 31 Mar 2023, 09:17 AM IST
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