NBCC Eyeing Supertech's Pending Projects
ECONOMY & POLICY

NBCC Eyeing Supertech's Pending Projects

The National Buildings Construction Corporation (NBCC) has shown interest in taking over all pending projects of Supertech, a prominent real estate developer. This move comes as part of efforts to resolve ongoing issues related to incomplete residential and commercial projects by Supertech.

Supertech, known for its extensive portfolio in the real estate sector, has faced significant challenges in completing several of its projects. These delays have led to mounting frustration among buyers and investors, who are awaiting possession of their properties. The situation has also raised concerns about the financial stability of the company and its ability to fulfill its commitments.

NBCC, a state-owned enterprise specializing in project management and construction, is stepping in with a proposal to acquire these unfinished projects. The aim is to ensure that the affected projects are completed in a timely and efficient manner, providing relief to the buyers who have been waiting for years to see their investments realized.

By taking over these projects, NBCC intends to leverage its expertise and resources to address the delays and quality issues associated with Supertech?s developments. The corporation?s involvement is expected to bring renewed focus on completing the projects, adhering to construction standards, and delivering the properties to buyers as promised.

This development is also a significant move in the broader context of the real estate industry, where project delays and financial instability have been common challenges. NBCC?s proposal could set a precedent for similar interventions in other stalled projects across the sector.

The takeover would involve detailed negotiations and assessments to ensure a smooth transition and completion of the projects. It also underscores the need for regulatory bodies to ensure that such transitions are managed effectively, protecting the interests of all stakeholders involved.

In conclusion, NBCC?s interest in acquiring Supertech?s pending projects represents a proactive approach to resolving issues in the real estate sector. If successful, this intervention could help restore buyer confidence and address the growing concerns related to incomplete projects, while showcasing a model for future solutions in similar scenarios.

The National Buildings Construction Corporation (NBCC) has shown interest in taking over all pending projects of Supertech, a prominent real estate developer. This move comes as part of efforts to resolve ongoing issues related to incomplete residential and commercial projects by Supertech. Supertech, known for its extensive portfolio in the real estate sector, has faced significant challenges in completing several of its projects. These delays have led to mounting frustration among buyers and investors, who are awaiting possession of their properties. The situation has also raised concerns about the financial stability of the company and its ability to fulfill its commitments. NBCC, a state-owned enterprise specializing in project management and construction, is stepping in with a proposal to acquire these unfinished projects. The aim is to ensure that the affected projects are completed in a timely and efficient manner, providing relief to the buyers who have been waiting for years to see their investments realized. By taking over these projects, NBCC intends to leverage its expertise and resources to address the delays and quality issues associated with Supertech?s developments. The corporation?s involvement is expected to bring renewed focus on completing the projects, adhering to construction standards, and delivering the properties to buyers as promised. This development is also a significant move in the broader context of the real estate industry, where project delays and financial instability have been common challenges. NBCC?s proposal could set a precedent for similar interventions in other stalled projects across the sector. The takeover would involve detailed negotiations and assessments to ensure a smooth transition and completion of the projects. It also underscores the need for regulatory bodies to ensure that such transitions are managed effectively, protecting the interests of all stakeholders involved. In conclusion, NBCC?s interest in acquiring Supertech?s pending projects represents a proactive approach to resolving issues in the real estate sector. If successful, this intervention could help restore buyer confidence and address the growing concerns related to incomplete projects, while showcasing a model for future solutions in similar scenarios.

Next Story
Infrastructure Energy

FY25 Thermal Power Capacity Addition Misses Target

India added just 4.53 gigawatts (GW) of thermal power capacity in FY25, significantly below the 15.4 GW target, according to the Central Electricity Authority’s latest report. Of the planned 22 thermal units, only six were commissioned last fiscal year—two in the central sector and four in state sectors.New units commissioned include Ghatampur TPP, Khurja SCTPP, Jawaharpur STPP, Bhusawal TPS, Panki TPS Extension, and Yadadri TPS, ranging from 660 MW to 800 MW. The commissioning of the remaining 16 units has been deferred to FY26.Delays are attributed to equipment supply issues, land acquis..

Next Story
Infrastructure Energy

Avaada in Talks with Global Lenders to Raise $1 Bn Project Debt

Avaada Group is in discussions with global lenders including Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), BNP Paribas, and Societe Generale to raise over $ one billion (Rs 85.00 billion) in project finance debt to support its renewable energy expansion.The company currently has 3,000 MWp of solar and wind projects under construction and aims to reach 30 GWp capacity by 2030. It plans investments of Rs 35,000 to 400.00 billion in solar, wind, pumped storage projects (PSP), and green hydrogen and ammonia production.Chairman Vineet Mittal noted the firm’s active engageme..

Next Story
Infrastructure Energy

Tata Power Q4 Profit Rises 16.5% to Rs 10.43 Bn

Tata Power posted a net profit of Rs 10.43 billion in Q4FY25, up 16.5 per cent from Rs 8.95 billion in Q4FY24, beating analyst estimates of Rs 10.22 billion. Revenues rose 7.9 per cent to Rs 170.96 billion, in line with expectations.EBITDA increased 39.2 per cent to Rs 32.46 billion, driven by higher power sales, growth in solar rooftop projects, and a 73 per cent year-on-year rise in profit after tax in the distribution segment, mainly due to Odisha Discoms’ improved performance.For FY25, Tata Power achieved its highest ever annual revenue of Rs 645.02 billion. The company plans a capex of ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?