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

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

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.

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.

Next Story
Infrastructure Urban

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Next Story
Infrastructure Energy

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Next Story
Infrastructure Urban

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement