In a significant relief for thousands of homebuyers across the National Capital Region (NCR), the Supreme Court has assigned the National Buildings Construction Corporation (NBCC) the responsibility of completing 16 stalled residential projects of the Supertech Group.
The apex court has directed that all pending construction work be finished within three years, bringing renewed hope to families who have been waiting for possession of their homes for over a decade.
Rs 2,000 Crore Funding Support Secured
One of the biggest hurdles in reviving the projects was funding. This issue has now been resolved, as a consortium led by Punjab National Bank (PNB) will provide approximately Rs 2,000 crore to NBCC. The funds will be released in phases based on the level of construction progress.
Additionally, buyers who have already paid most of the amount still have around 5% outstanding, which will also contribute to completing the projects.
Relief for Over 27,000 Homebuyers
More than 27,000 flat buyers across multiple Supertech projects are expected to benefit from this decision. Many of these projects were launched between 2010 and 2012 but remained incomplete due to financial distress and legal complications.
By upholding the National Company Law Appellate Tribunal (NCLAT) order, the Supreme Court ensured that the projects are transferred to NBCC to safeguard buyers’ interests and ensure timely completion.
The court also clarified that its directive is final and binding, and no other court or authority will interfere with the execution of the plan.
Projects Covered Under the Plan
The stalled developments include several large housing societies such as Capetown, North Eye, Eco Village (multiple phases), Hill Town, Sports Village, Upcountry, Meerut Sports City, Romano, RiverCrescent, and others — collectively accounting for 27,476 flats.
End of a Long Wait
For thousands of families who invested their life savings and waited years for possession, the decision marks a turning point. If executed as planned, the revival of these projects could restore confidence in the NCR real estate market and finally deliver homes to buyers who have endured years of uncertainty.
