Supertech opposes NBCC's plan to take over and finish 14,000 flats

03 Oct 2024 CW Team

The realtor also criticized NBCC's cost estimate for completing the projects, arguing that it was almost twice that of Supertech's. The developer suggested that stakeholders would benefit more if they were allowed to complete one project at a time, citing the Doon Square project as an example.

NBCC became involved in Supertech's projects in May after a group of homebuyers approached the National Company Law Appellate Tribunal (NCLAT) to resolve the long-standing delays in their flats. In response, NCLAT directed the interim resolution professional (IRP) to explore the possibility of NBCC taking over the completion of the flats, similar to its involvement with the Amrapali projects.

NBCC agreed to the task and presented a plan to complete 17 projects within three years. On September 19, the tribunal asked all stakeholders, including homebuyers and lenders, to submit their feedback on NBCC’s proposal ahead of the next hearing scheduled for October 21.

Supertech's managing director, RK Arora, released a statement opposing NBCC's resolution plan. He expressed that NBCC’s approach would extend construction timelines by at least six months. He noted that despite reputable agencies like AECOM, EY, and CBRE having already conducted due diligence, NBCC planned to conduct its own review.

Arora argued that NBCC’s proposal not only failed to provide a specific timeline or repayment plan but also lacked accountability toward homebuyers, banks, and land authorities. He emphasised that NBCC had secured all the immunities without assuming responsibility for the completion of projects or the construction activities.

Additionally, he drew comparisons between NBCC's approach to Supertech and its involvement with Amrapali, pointing out that the process proposed by NBCC was identical to the one used for Amrapali, which had resulted in delays, conflicts between NBCC and residents regarding the handover of possession and maintenance, and the lack of responsibility for obtaining occupancy certificates (OC), completion certificates (CC), and executing sub-leases.

Supertech has raised concerns about a proposal submitted by the National Buildings Construction Corporation (NBCC) to complete 14,000 flats across 17 projects, emphasising that the state-backed company's approach would significantly extend timelines and leave homebuyers waiting indefinitely. The realtor also criticized NBCC's cost estimate for completing the projects, arguing that it was almost twice that of Supertech's. The developer suggested that stakeholders would benefit more if they were allowed to complete one project at a time, citing the Doon Square project as an example. NBCC became involved in Supertech's projects in May after a group of homebuyers approached the National Company Law Appellate Tribunal (NCLAT) to resolve the long-standing delays in their flats. In response, NCLAT directed the interim resolution professional (IRP) to explore the possibility of NBCC taking over the completion of the flats, similar to its involvement with the Amrapali projects. NBCC agreed to the task and presented a plan to complete 17 projects within three years. On September 19, the tribunal asked all stakeholders, including homebuyers and lenders, to submit their feedback on NBCC’s proposal ahead of the next hearing scheduled for October 21. Supertech's managing director, RK Arora, released a statement opposing NBCC's resolution plan. He expressed that NBCC’s approach would extend construction timelines by at least six months. He noted that despite reputable agencies like AECOM, EY, and CBRE having already conducted due diligence, NBCC planned to conduct its own review. Arora argued that NBCC’s proposal not only failed to provide a specific timeline or repayment plan but also lacked accountability toward homebuyers, banks, and land authorities. He emphasised that NBCC had secured all the immunities without assuming responsibility for the completion of projects or the construction activities. Additionally, he drew comparisons between NBCC's approach to Supertech and its involvement with Amrapali, pointing out that the process proposed by NBCC was identical to the one used for Amrapali, which had resulted in delays, conflicts between NBCC and residents regarding the handover of possession and maintenance, and the lack of responsibility for obtaining occupancy certificates (OC), completion certificates (CC), and executing sub-leases.

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