Supertech opposes NBCC’s takeover plan to complete 14,000 flats
Real Estate

Supertech opposes NBCC’s takeover plan to complete 14,000 flats

Supertech raised concerns regarding a proposal submitted by National Buildings Construction Corporation Ltd (NBCC) to finalise the construction of 14,000 flats across 17 projects, arguing that the state-backed firm’s approach would prolong the process, leaving homebuyers waiting indefinitely. The developer also criticised NBCC’s cost projections, claiming they were nearly double those of Supertech. They suggested that completing one project at a time, as done with Doon Square, would be more beneficial for stakeholders.

NBCC became involved in Supertech’s projects in May after a group of homebuyers petitioned the National Company Law Appellate Tribunal (NCLAT), seeking a resolution to their delayed flats. Following this, the tribunal directed the interim resolution professional (IRP) to consider NBCC's involvement in completing the flats, similar to their involvement with Amrapali. NBCC agreed and proposed a plan to complete 17 projects within three years. On 19th September, the tribunal requested stakeholders, including homebuyers and lenders, to provide feedback on NBCC's proposal before the next hearing on 21st October. On Sunday, Supertech’s managing director, RK Arora, publicly opposed the plan.

Arora reportedly stated that NBCC’s approach would extend the project timelines by at least six months, noting that despite reputable firms like AECOM, EY, and CBRE already conducting due diligence, NBCC had opted to carry out its own. He criticised NBCC’s plan for lacking specific timelines and a clear repayment scheme, asserting that it left the state-backed company unaccountable to homebuyers, banks, or land authorities. According to Arora, NBCC’s process mirrored that of Amrapali, which had failed, resulting in delivery delays and conflicts over possession and maintenance. Furthermore, Arora dismissed NBCC’s claims of technical issues stalling the projects, attributing delays solely to funding shortages. He highlighted Supertech's successful track record of delivering over 80,000 flats without complaints about construction quality and questioned the disparity between NBCC’s cost estimate and that of Supertech.

Supertech raised concerns regarding a proposal submitted by National Buildings Construction Corporation Ltd (NBCC) to finalise the construction of 14,000 flats across 17 projects, arguing that the state-backed firm’s approach would prolong the process, leaving homebuyers waiting indefinitely. The developer also criticised NBCC’s cost projections, claiming they were nearly double those of Supertech. They suggested that completing one project at a time, as done with Doon Square, would be more beneficial for stakeholders. NBCC became involved in Supertech’s projects in May after a group of homebuyers petitioned the National Company Law Appellate Tribunal (NCLAT), seeking a resolution to their delayed flats. Following this, the tribunal directed the interim resolution professional (IRP) to consider NBCC's involvement in completing the flats, similar to their involvement with Amrapali. NBCC agreed and proposed a plan to complete 17 projects within three years. On 19th September, the tribunal requested stakeholders, including homebuyers and lenders, to provide feedback on NBCC's proposal before the next hearing on 21st October. On Sunday, Supertech’s managing director, RK Arora, publicly opposed the plan. Arora reportedly stated that NBCC’s approach would extend the project timelines by at least six months, noting that despite reputable firms like AECOM, EY, and CBRE already conducting due diligence, NBCC had opted to carry out its own. He criticised NBCC’s plan for lacking specific timelines and a clear repayment scheme, asserting that it left the state-backed company unaccountable to homebuyers, banks, or land authorities. According to Arora, NBCC’s process mirrored that of Amrapali, which had failed, resulting in delivery delays and conflicts over possession and maintenance. Furthermore, Arora dismissed NBCC’s claims of technical issues stalling the projects, attributing delays solely to funding shortages. He highlighted Supertech's successful track record of delivering over 80,000 flats without complaints about construction quality and questioned the disparity between NBCC’s cost estimate and that of Supertech.

Next Story
Real Estate

Ashwin Sheth Group Launches ‘The Pink Perk’ to Empower Women Homebuyers

Ashwin Sheth Group has introduced ‘The Pink Perk’, a special initiative for Women’s Month, offering a 3 per cent saving for women homebuyers (T&C apply) across all its Mumbai projects. The offer is valid until 31 March 2025.The campaign challenges the Pink Tax, where women often pay more for similar products and services. With The Pink Perk, Ashwin Sheth Group flips the script, providing an exclusive financial advantage to women taking charge of their homeownership journey.Bhavik Bhandari, Chief Sales and Marketing Officer, Ashwin Sheth Group, stated: “The Pink Perk is our way of c..

Next Story
Infrastructure Transport

Shipping Ministry Aims to Complete 150 Projects by September 2025

The Ministry of Ports, Shipping and Waterways (MoPSW) organised a two-day ‘Chintan Shivir, 2025’ in Srinagar with a vision to evaluate, reset, discover and apply solutions to unlock potential of the Blue Economy of India. Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal reviewed undergoing projects of the Ministry — worth Rs 2 Trillion — and drew up a goal, after consultative deliberation with the experts, of completing at least 150 projects by September, 2025. The event focused on strengthening India’s shipbuilding and repair capabilities, improving financial and..

Next Story
Infrastructure Urban

NHRC Concludes 2nd ITEC Program on Human Rights for Global South NHRIs

The 2nd six-day ITEC Executive Capacity Building Programme on Human Rights for senior functionaries of the National Human Rights Institutions (NHRIs) of Global South organised by the National Human Rights Commission (NHRC), India in partnership with the Ministry of External Affairs, successfully concluded. The valedictory session was addressed by the NHRC, India Chairperson, Justice V Ramasubramanian in the presence of Members Justice (Dr) Bidyut Ranjan Sarangi, Vijaya Bharathi Sayani & Secretary General, Bharat Lal. The programme, which began on Monday 3rd March, 2025, witnessed participatio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?