Noida: In a major relief for over 14,000 homebuyers, the Noida Authority Board has approved real estate firm Apex Group as a co-developer in multiple stalled Supertech projects. The move is expected to revive construction work across 16 long-pending projects of Supertech Limited, many of which have remained incomplete for years.
Apex Group has proposed an investment of Rs 700 crore to complete the unfinished projects, with an initial commitment of Rs 500 crore. The company has assured that it will deliver the pending flats within two years, without placing any additional financial burden or late penalty on the buyers.
Clearance for key projects
The proposal also includes clearing dues owed to banks and local development authorities. Following the board’s nod, a submission regarding the plan has been made to the Supreme Court, which is expected to hear the matter on August 13.
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The Noida Authority has specifically cleared Apex’s co-developer role in Supertech Capetown (Sector 74), Romano (Sector 118), and Ecocity (Sector 137). Meanwhile, the Greater Noida Authority and the Yamuna Expressway Industrial Development Authority (YEIDA) are also reviewing similar proposals and are likely to take a decision in their board meetings this month.
Projects across multiple cities
The stalled projects span across Noida, Greater Noida, and other regions, including Supertech’s North Eye, Ecovillage 1 and 3, Sports Village, Upcountry near the Yamuna Expressway, Araville and Hilltown near Gurugram, and Micasa in Bengaluru.
Noida Authority CEO Lokesh M confirmed the board’s decision, stating, “The co-developer has been approved as per our norms. Once 25 per cent of the dues are cleared, work will be allowed to resume. The aim is to recover pending land dues and ensure buyers receive their homes.” Apex director Satnam Singh reiterated the group’s commitment to completing Supertech’s stuck housing projects.
The development comes amid ongoing investigations against Supertech. On Thursday, the Central Bureau of Investigation (CBI) raided Supertech’s offices in connection with a complaint filed by IDBI Bank. The company, in a statement, said it had submitted all relevant documents to the CBI and that IDBI had acknowledged the receipt of advance payments.
