NBCC proposes plan to complete 50,000 Supertech flats in NCR

11 Sep 2024 CW Team

NBCC, which seeks the National Company Law Appellate Tribunal's (NCLAT) approval to act as the project management consultant, has outlined a plan spanning three years. It estimates the total construction cost at nearly ?9,500 crore, while receivables are projected at Rs 160 billion, including Rs 140 billion from the sale of 10,000 unsold apartments. In contrast, the insolvency resolution professional had previously estimated the construction cost at Rs 64.06 billion.

According to NBCC's proposal, the timeline for project completion will vary between 12 and 36 months, starting from "Day Zero" — the point at which access to land, approvals, and funding are secured. The company has stressed the need for an "unencumbered designated project account," with an initial funding requirement of Rs 1 billion. NBCC is also requesting support from local authorities, Supertech, and homebuyers to ensure smooth project execution.

The public sector company plans to charge an 8% fee on the actual cost of work and a 1% marketing fee. It proposes to take up seven projects in the first phase, where around half of the 13,000 apartments have already been delivered. The possession levels in the second and third phases are expected to be lower.

NBCC has also suggested the formation of a committee appointed by NCLAT, comprising representatives from NBCC, banks, the construction industry, and the insolvency professional, to oversee project execution, collection of payments from homebuyers, and the sale of unsold inventory. Additionally, NBCC aims to conduct a structural stability analysis once it is appointed as the project management consultant.

Many homebuyers are supporting NBCC's proposal due to its track record as a public sector undertaking, particularly in successfully delivering apartments to stranded Amrapali homebuyers. The situation has been a source of concern for middle-class buyers, especially as Supertech's promoter, Ram Kishor Arora, faces multiple legal charges following Union Bank's initiation of insolvency proceedings. (ET)

State-owned NBCC has presented a three-phase construction plan to complete 50,000 apartments across 17 Supertech Ltd projects, offering hope to thousands of homebuyers. Supertech is currently undergoing insolvency proceedings, with its promoter facing charges of fund diversion and money laundering. NBCC, which seeks the National Company Law Appellate Tribunal's (NCLAT) approval to act as the project management consultant, has outlined a plan spanning three years. It estimates the total construction cost at nearly ?9,500 crore, while receivables are projected at Rs 160 billion, including Rs 140 billion from the sale of 10,000 unsold apartments. In contrast, the insolvency resolution professional had previously estimated the construction cost at Rs 64.06 billion. According to NBCC's proposal, the timeline for project completion will vary between 12 and 36 months, starting from Day Zero — the point at which access to land, approvals, and funding are secured. The company has stressed the need for an unencumbered designated project account, with an initial funding requirement of Rs 1 billion. NBCC is also requesting support from local authorities, Supertech, and homebuyers to ensure smooth project execution. The public sector company plans to charge an 8% fee on the actual cost of work and a 1% marketing fee. It proposes to take up seven projects in the first phase, where around half of the 13,000 apartments have already been delivered. The possession levels in the second and third phases are expected to be lower. NBCC has also suggested the formation of a committee appointed by NCLAT, comprising representatives from NBCC, banks, the construction industry, and the insolvency professional, to oversee project execution, collection of payments from homebuyers, and the sale of unsold inventory. Additionally, NBCC aims to conduct a structural stability analysis once it is appointed as the project management consultant. Many homebuyers are supporting NBCC's proposal due to its track record as a public sector undertaking, particularly in successfully delivering apartments to stranded Amrapali homebuyers. The situation has been a source of concern for middle-class buyers, especially as Supertech's promoter, Ram Kishor Arora, faces multiple legal charges following Union Bank's initiation of insolvency proceedings. (ET)

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..