The dispute between the Supertech Limited and National Buildings Construction Corporation Ltd (NBCC) over the 14,000 delayed flats has become a nightmare for the homebuyers.
In a recent development in the dispute, Supertech opposed NBCC's takeover plan, citing prolonged timelines and lack of accountability. We're concerned that NBCC's proposal will keep us waiting indefinitely says the homebuyers. Meanwhile the National Company Law Appellate Tribunal (NCLAT) has asked for feedback on NBCC's proposal, with the next hearing set for October 21.
The homebuyers are however expecting their voices are heard and a resolution is reached soon.
Supertech's primary objections are that NBCC's approach will unnecessarily prolong timelines, leaving homebuyers in limbo, and that their cost estimate is nearly double that of Supertech's. Supertech suggests that stakeholders would benefit more if they were allowed to construct one project at a time, similar to their successful completion of Doon Square. This approach would likely expedite the completion process and reduce costs.
The dispute began when homebuyers approached the National Company Law Appellate Tribunal (NCLAT) seeking resolution for delayed flats. NCLAT requested the interim resolution professional (IRP) to explore NBCC taking over the project's completion, similar to their work with Amrapali.
NBCC has proposed completing the 17 projects in three phases over three years. The National Company Law Appellate Tribunal (NCLAT) has invited feedback from stakeholders, including homebuyers and lenders, on NBCC's proposal before the next hearing on October 21.
The NCLAT's call for feedback indicates that the tribunal is open to considering alternative solutions, potentially paving the way for Supertech to take control of the project's completion. With over 27,000 homebuyers affected, the outcome of this dispute will have significant implications for the real estate sector.
The National Buildings Construction Corporation (NBCC) plays a vital role in completing stalled projects in India. As a state-owned company, NBCC acts as a project management consultant (PMC) to finish incomplete projects, ensuring that homebuyers receive their homes. However, it is claimed that, with NBCC taking over there are several drawbacks related to cost, finance, timeline, quality of work. These drawbacks highlight the need for NBCC to address concerns, ensure transparency, and prioritize homebuyers' interests to maintain trust and effectiveness in completing stalled projects.
The fate of 27,000 families hangs in the balance. Will Supertech and NBCC find common ground, or will homebuyers continue to suffer?
