Noida: For nearly 14,000 Supertech homebuyers still waiting for their flats, another promised date has finally come with a plan to put work back on the ground. Construction on 16 stalled projects across NCR and beyond is now scheduled to begin on Jan 16 next year, following years of insolvency proceedings, court battles and funding hurdles.NBCC, which NCLAT appointed as the implementing agency, is preparing to award construction work through 27 or more tender packages. The tenders are to be issued in phases between Oct 1 and 15. One tender, for River Crest in Rudrapur, was already floated on Sept 16.The latest schedule came after NCLAT sought a status report on Aug 25, following concerns from homebuyers over repeated slippages. NBCC had earlier been asked to start work from Oct 1. That date followed earlier targets of May 1 and July 31, but none materialised.The crisis dates back to March 2021, when Union Bank of India moved NCLT for insolvency proceedings against Supertech over a Rs 432-crore default linked to Eco Village II. The case was admitted on March 25, 2021.On Dec 12, 2024, NCLAT approved NBCC to complete 16 stalled projects and set up an apex court committee to oversee construction, funds and project-wise receivables. Together, the projects have around 50,000 flats, nearly 14,000 of which are yet to be delivered. They include six projects in Greater Noida, four in Noida, two each in Gurgaon and Meerut, and one each in Uttarakhand and Bengaluru. Most were launched between 2010 and 2012.But the revival itself hit a legal roadblock. Supertech challenged NCLAT’s decision in Supreme Court, which stayed the order in Feb 2025. The apex court cleared the way for revival again in Feb 2026.Funding then emerged as the bigger hurdle. NBCC said money from better funded projects could not simply be diverted to those short of funds because of UP-Rera rules. NCLAT rejected its plea for exemptions in May. The committee is now pursuing institutional finance, while a techno-economic viability report sought by public sector banks is expected by Dec 15.The sale of unsold flats is another key funding source. A total of 10,040 units were recorded as unsold in the Dec 2024 order.NEFOWA president Abhishek Kumar said the repeated changes had deepened uncertainty among buyers. “If Jan 16, 2027, is the revised date, NBCC and the committee must give it in writing in court. Also, thousands of families have been living in their homes without registry. A definite deadline should also be set for completing their registrations,” he said.
