The Supreme Court has delivered a significant judgment that brings hope to thousands of homebuyers waiting for their flats. The court has ordered the state-owned NBCC to take over and complete 16 unfinished housing projects of real estate developer Supertech. This decision upholds an earlier order by the NCLAT and aims to provide relief to approximately 51,000 families who have been stuck for years.
Where are these stalled projects located?
The 16 projects covered under this order are located in key cities across India. A large number of these are in the Delhi-NCR region, specifically in Noida, Greater Noida, Yamuna Expressway, Gurugram, and Ghaziabad. Apart from these, projects in Meerut and Bengaluru are also included. The Supreme Court has used its special powers under Article 142 to prevent any other legal hurdles from stopping the construction work by NBCC.
What is the timeline and cost for completion?
The estimated cost to complete these stalled projects is reported to be ₹9,500 crore. The construction work for the different projects is expected to take anywhere between 12 to 36 months to finish. The court has strictly directed that buyers must receive fully finished flats with all necessary amenities like electricity, water, sewage systems, roads, and parks. This ensures that the handover is complete and livable for the residents.
