NBCC has petitioned the Supreme Court to take over and finish the incomplete housing projects of real estate company Supertech, currently embroiled in insolvency proceedings.

What Happened: The Supreme Court has agreed to hear NBCC’s application. This decision comes as homebuyers from various Supertech projects informed the court that NBCC has already presented its terms and conditions to the National Company Law Appellate Tribunal (NCLAT), where Supertech’s insolvency proceedings are in progress.

At present, 17 Supertech projects across India remain unfinished. NBCC’s proposal includes the completion of over 50,000 housing units. The PSU has proposed a phased completion plan, with seven projects in Noida and Greater Noida in the first phase, five projects in Noida, Greater Noida and Meerut in the second phase, and the remaining five projects in Gurugram, Rudrapur, Bengaluru, and Dehradun in the third phase.

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NBCC has stated that it will require 12 to 36 months to complete the various projects, subject to certain conditions, including the acceptance of terms of reference, completion of due diligence or audit of the project, obtaining requisite permits from statutory bodies, and availability of funds earmarked for each project.

NBCC’s move to take over Supertech’s stalled projects comes at a time when the PSU has been securing significant projects. Recently, it secured a ₹1,261 crore project from the Ministry of Health and Family Welfare, Government of India, for the establishment of an All India Institute of Medical Sciences (AIIMS) in Darbhanga, Bihar.

Earlier in the month, it signed a Memorandum of Understanding (MoU) with Mahanagar Telephone Nigam Limited (MTNL) to jointly develop a significant land parcel in New Delhi.

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