NBCC to Move SC for RERA Relief in Supertech Projects

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A fresh complication has appeared in the long running Supertech housing crisis that involves thousands of waiting homebuyers across NCR. State owned NBCC is now preparing to approach the Supreme Court to seek an exemption from RERA registration rules. The reason is simple. The funding structure needs flexibility.

The Supreme Court had recently upheld an order from the NCLAT, which asked NBCC to complete 16 stalled housing projects of the troubled developer Supertech Limited. This decision raised hopes for many buyers who have waited years for their homes. Relief seemed closer, but after studying the projects closely, NBCC realised a practical problem related to project funding. Out of the 16 projects, almost 11 will require additional financial support before construction can move properly. The problem lies in the RERA rules.

Current regulations do not allow money from one housing project to be used for another project. NBCC however, may need to redirect surplus funds from one project to support another project. That step is necessary. Otherwise, work may stall again. Officials say the NCLT cannot grant such an exemption from RERA rules. Only the Supreme Court can consider such relief. A similar exemption was earlier granted in the Amrapali case, where NBCC is already completing delayed projects.

NBCC says construction can restart within two or three months once legal clarity is received. The full completion timeline may extend up to three years. Some projects need only limited work. Others have barely begun. The scale of the issue is large. These 16 stalled projects include 50962 homes. Out of them, 39870 units were sold to buyers, while 11092 remain unsold. So far 24871 homes have been delivered. Another 14999 homes are still pending.

To complete the pending sold homes, around ₹1700 crore will be required. At the same time, receivables from buyers are estimated at ₹2200 crore. Meanwhile, many homebuyers have written to the Chief Justice of India and Prime Minister Narendra Modi. They want NBCC to take charge of the projects. They fear more delays.