Homebuyers of 16 stalled housing projects by Supertech have formally appealed to Chief Justice of India B R Gavai and Prime Minister Narendra Modi, requesting that the projects be handed over to state-owned NBCC (India) Ltd instead of Apex Group. Their plea includes vacating a Supreme Court stay on a December 2024 NCLAT order that favored NBCC for time-bound completion.
The projects involve 50,962 homes, of which 39,870 are sold and 11,092 remain unsold. Among the sold units, 14,999 homes are yet to be delivered, requiring an estimated Rs1,700 crore to complete. Receivables from these units are projected at Rs2,200 crore.
Buyers have expressed deep concern over Apex Group’s financial viability and have demanded its disqualification from the resolution process, along with the removal of Supertech’s promoters.
Supertech, in its statement, defended Apex’s proposal, citing successful early handovers in the Doon Square Project. Apex has committed to invest Rs500 crore initially, clear Rs678 crore in bank dues, and settle Rs1,900 crore with local authorities. The group plans to deliver flats within 24 months of takeover.
The buyers, however, continue to push for NBCC, citing its track record with stalled projects like Amrapali, and its credibility as a government-backed entity. The matter remains under judicial review.
