NEW DELHI: State-owned NBCC is preparing to approach the Supreme Court for an exemption from RERA registration, as 11 out of the 16 Supertech projects it is required to manage will need additional funding, according to sources familiar with the situation.
The Supreme Court recently upheld an NCLAT ruling requiring NBCC to complete 16 housing projects managed by the financially troubled Supertech Limited.
However, upon review, NBCC identified that funds would need to be reallocated to finish these projects, which is not permitted under RERA regulations.
“The NCLT lacks the authority to grant RERA exemptions, which are crucial for delivering these projects. We received such an exemption in the Amrapali case, where construction is progressing smoothly,” stated a source involved in the matter.
An NBCC official mentioned that excess cash from one project will need to be redirected to fund others. The organization is optimistic about resuming construction within 2-3 months and has outlined a timeline of up to 3 years for the completion of the entire project portfolio.
Additionally, NBCC plans to secure funding from financial institutions.
“Some projects, with minimal work remaining, may take just a year to complete, while others could take two years. However, specific projects are greenfield, where development has yet to commence, and these will take about three years,” the official added.
Homebuyers of the 16 stalled Supertech housing projects have appealed to the Chief Justice of India and Prime Minister Narendra Modi for intervention, urging that these projects be handed over to state-owned NBCC rather than NCR-based Apex Group.
The homebuyers have requested the removal of a stay placed by the Supreme Court on a National Company Law Appellate Tribunal (NCLAT) order from December 2024, which directed that all these projects be assigned to NBCC (India) Ltd for timely completion.
The stay was granted in response to a revival proposal submitted by the Apex Group to the Supreme Court.
The 16 stalled Supertech projects encompass 50,962 homes, with 39,870 sold and 11,092 unsold. Of the sold homes, 24,871 have been delivered to buyers, while 14,999 remain undelivered.
An estimated investment of Rs 1,700 crore is required to finish the sold homes, while the receivables from these units are projected at Rs 2,200 crore.
