Tag: Supertech

Latest StoriesRegulatory

SC aids Supertech buyers, upholds NCLAT order for NBCC takeover

NEW DELHI: The Supreme Court has intervened to assist thousands of frustrated homebuyers who have waited nearly two decades for their dream homes. On Thursday, the court upheld an NCLAT directive for the state-owned NBCC to swiftly complete 16 housing projects by the financially troubled realty firm Supertech Limited. The court has prohibited all tribunals and high courts from issuing orders that could hinder construction efforts by the National Buildings Construction Corporation (NBCC) Limited. A bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, invoked its extraordinary powers under Article 142 of the Constitution, affirming the December 12, 2024,…

Latest StoriesRegulatory

SC Ruling on Supertech Supernova Offers Hope to Buyers

NEW DELHI: The Supreme Court’s recent order to appoint a new developer for the Supertech Supernova project in Noida, which is currently undergoing insolvency proceedings, has sparked renewed hope for countless homebuyers awaiting progress on stalled housing projects. As the construction of several projects has come to a halt during the insolvency process, the Supreme Court has stepped in to protect homebuyers’ interests by appointing a three-member committee to select another builder for the Supernova project, putting all entities under the Insolvency and Bankruptcy Code aside. The committee is tasked with appointing a new developer by evaluating proposals based on…

Latest StoriesRera

Haryana RERA Orders Sarv Realtors to Refund Buyer for Delay

GURUGRAM: More than eleven years after a couple purchased a 3BHK unit for ₹1.32 crore, the Haryana Real Estate Regulatory Authority (HRera) has ordered a realtor to refund ₹41.6 lakh—approximately 37% of the total cost paid initially—along with 11.1% annual interest for failing to deliver possession of the flat at Supertech Hues, Sector 68. On September 9, HRera instructed Sarv Realtors Pvt Ltd to return this amount, including interest, to Anirudh and Manali Gowalkar, who filed their complaint with the authority in October 2020. The possession was delayed by at least seven years, according to the agreement. The order pointed…

Latest StoriesResidential

Noida: Strike by Guards, Housekeepers Locks Ecovillage-1 Gate

NOIDA: Approximately 250 housekeeping staff and security guards at Supertech Ecovillage-1 in Greater Noida West began a strike on Tuesday morning, leaving over 20,000 residents facing issues related to sanitation and safety. The protest commenced around 8 AM, driven by claims from workers that they had not received their salaries for two months from the outgoing maintenance agency, Gravity. Agitated workers blocked all three gates of the society at the start of the protest. While two gates were reopened after an hour, the main entry, Gate No. 1, remained closed until the afternoon, causing residents to take longer routes to…

Latest StoriesRegulatory

Greater Noida: Builders’ ₹4,000 Cr Dues Amid Legal Issues

NOIDA: The Greater Noida Industrial Development Authority (GNIDA) is currently grappling with unpaid dues totaling Rs 4,081 crore from 21 significant real estate projects. Legal proceedings at various levels—from the National Company Law Tribunal (NCLT) to the Supreme Court—have created obstacles for the Authority in recovering these amounts. A report from GNIDA indicates that each project owes over Rs 100 crore, with Supertech Ltd at the forefront as the largest defaulter. The company has outstanding payments of Rs 903 crore, attributed to three projects—Rs 312 crore for one in Sector 1 and Rs 590 crore across two in Sector 16B.…