Homebuyers from 16 halted housing projects by Supertech have reached out to Chief Justice of India B R Gavai and Prime Minister Narendra Modi, urging intervention to transfer these projects to state-owned NBCC instead of the NCR-based Apex Group.
The buyers are requesting the Supreme Court to lift a stay imposed on a December 2024 order from the National Company Law Appellate Tribunal (NCLAT), which directed that these projects be handed over to NBCC (India) Ltd for timely completion.
This stay was placed following a revival proposal submitted to the Supreme Court by Apex Group.
“After enduring over a decade of financial hardship, mental stress, and broken dreams, we now face the risk of being handed over once again to a private entity — Apex Heights Pvt Ltd — whose proposal and compliance affidavit submitted to the SC are flawed, financially unfeasible, ethically questionable, and harmful to homebuyers,” they stated in their letter.
The projects in question account for 50,962 homes, with 39,870 sold and 11,092 unsold. Of the homes sold, 24,871 have been delivered to buyers, while 14,999 are still pending delivery.
An investment of ₹1,700 crore is necessary to complete the sold units, while receivables from these properties are estimated at ₹2,200 crore.
“NBCC has successfully completed large-scale, complex stalled projects like Amrapali. It possesses the technical skills, government support, operational credibility, and most importantly — the trust of homebuyers,” said Mujeebur Rahman, a homebuyer.
The buyers have also called for the disqualification of Apex from the resolution process and the complete removal of Supertech’s promoters.
“We have requested the Supreme Court to no longer entertain any interlocutory applications (IA) at this advanced stage of proceedings. It’s been 15 years, and over 50,000 homebuyers are still waiting for their homes, suffering immense financial and emotional distress,” Rahman added.
Homebuyers claim that Supertech is obstructing NBCC’s onboarding by promoting the Apex proposal.
Supertech, however, asserts that once the Supreme Court approves the resolution plan from Apex Heights, it will facilitate the completion of all 16 projects, with deliveries to homebuyers beginning within three months and finalized within 24 months, alongside repayments to financial institutions and land authorities as stipulated in the plan.
“Following the separation of the Doon Square Project from reverse insolvency, unit handovers have been executed by Ametek, the project’s co-developer, ahead of schedule. Although NCLAT mandated a 12-month delivery, we successfully completed 100% of handovers in just nine months,” Supertech stated.
Apex Group has committed to settling ₹678 crore in dues to five banks and approximately ₹1,900 crore to Noida, Greater Noida, and Yamuna authorities. In the initial phase, the company will invest ₹500 crore and aims to complete deliveries within two years of taking over.
