NCLAT Approves NBCC to Finish 16 Delayed Supertech Projects

The National Company Law Appellate Tribunal (NCLAT) has made a game-changing decision that brings hope to over 50,000 homebuyers stuck in limbo due to stalled Supertech real estate projects. The government-owned construction arm, NBCC (National Buildings Construction Corporation), has been tasked with completing 16 delayed projects across Uttar Pradesh, Haryana, Uttarakhand, and Karnataka. 

Here’s everything you need to know about this development, broken down for clarity.

NBCC Steps In to Deliver Over 49,000 Homes Across India

NBCC will complete 16 projects that include 49,748 homes in the states of Uttar Pradesh, Uttarakhand, Haryana, and Karnataka. The estimated expense for building the project is around Rs. 9,445 crore that includes a 3% Buffer. NBCC announced in a regulatory submission on December 12 that the PMC fees are established at 8%, incorporating a 1% marketing fee.

Buyers have accepted the choice. "It offers comfort to over 50,000 buyers." "The projects are anticipated to be completed in the upcoming three years," remarked Rajiva Singh, president of the Noida Federation of Apartment Owners Associations (NOFAA).

Also Read: NDMC Budget 2025-26: No Tax Hike, Major Infra Upgrades

10 Things Homebuyers Should Know

1. NBCC Appointed as PMC

Just as it successfully took over stalled projects in the Amrapali case, NBCC will now oversee the completion of 16 Supertech projects. This includes 49,748 housing units, with construction slated to wrap up in 36 months.

2. March 2025 Marks Day Zero

NCLAT has set March 31, 2025, as the starting point, or “Day Zero,” for administrative tasks like securing approvals. Contracts for construction must be awarded by April 2025, with work commencing on May 1, 2025.

3. No Additional Costs for Existing Buyers

Homebuyers who have already paid for their apartments will not face additional charges. However, dues outlined in their Builder-Buyer Agreements must still be cleared. NBCC plans to monetize around 10,000 unsold units to fund construction costs, ensuring no financial burden on existing allottees.

4. No Compensation for Delayed Possession

Despite demands from homebuyers for compensation due to prolonged delays, NCLAT rejected these pleas. The focus remains solely on completing the projects.

5. Assured Quality and Uniformity

NBCC is required to uphold top construction standards throughout all projects, ensuring consistency in design, materials, and finishes for buyers.

6. Adherence to Building Regulations

The appellate tribunal emphasized that NBCC must comply with all statutory regulations, including the RERA Act 2016, and cannot seek exemptions. This ensures legal accountability and buyer protection.

Also Read: Gurgaon Circle Rate to Increase by 10-30% from December 2024

7. Apex and Project-wise Committees

The tribunal has directed the creation of an Apex Court Committee and individual Project-wise Court Committees for oversight.These committees will monitor progress, handle finances, and resolve project-specific issues. NBCC will also have representatives in each committee to streamline communication and decision-making.

8. Dedicated Project Accounts

To ensure transparency, each project will maintain a separate bank account. Joint signatories, including NBCC nominees and Interim Resolution Professionals (IRP), will manage these accounts. A central account named “NBCC (I) Ltd – Supertech Unfinished Project” will receive all funding.

NBCC will also arrange an initial deposit of ₹100 crore to kickstart work under the guidance of the Apex Court Committee.

9. Financing the Projects

The projects will primarily be funded through two sources:

• ₹1,800 crore from receivables of already sold units.
• ₹14,000 crore will be raised through the sale of around 10,000 unsold units.

The construction progress is expected to rebuild buyer confidence, driving sales of the unsold units and generating revenue to complete the projects.

10. Simultaneous Construction Across All Projects

Unlike the earlier phased approach, NBCC plans to undertake simultaneous construction for all 16 projects. Timelines range from 12 to 36 months, ensuring faster delivery to buyers.

What This Means for Buyers

For years, the delays in Supertech projects have eroded trust in the real estate sector. This decision represents a turning point. By appointing a trusted government entity like NBCC, homebuyers can finally see light at the end of the tunnel.

With NBCC's established track record and the structured oversight from NCLAT and committees, accountability is assured. For buyers, this means they won’t just get homes—they’ll get homes that meet quality and legal standards.

The Road Ahead

While the NCLAT order brings optimism, it’s crucial for buyers to stay informed about project updates. Regular monitoring of the Apex Court Committee’s reports and NBCC’s progress will help ensure transparency.

The next three years will be a test of NBCC’s efficiency and the system’s ability to deliver justice to thousands of homebuyers. If successful, this model could set a precedent for resolving similar cases in the future.

Conclusion

This decision marks the beginning of a new era focused on accountability and buyer-centric policies in Indian real estate. It’s a collective step toward restoring faith in the system, where delays and stalled projects have been a longstanding issue.

For now, 50,000 homebuyers can finally breathe a little easier. The road to their dream homes is being built—brick by brick, day by day.

Also Read: Hyderabad Real Estate Recovers Amid HYDRAA's Lingering Impact