Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
NCR-based Apex Group has submitted a INR 700 crore proposal to the Supreme Court to revive 16 stalled Supertech housing projects, aiming to deliver 20,000 unfinished units across Noida, Greater Noida, and Ghaziabad. The plan includes settling INR 2,500 crore in dues to authorities over five years and has received initial support from the Uttar Pradesh government. Apex has already resumed work at Eco Village 2, now rebranded as Shree Radha Sky Garden. With 14,999 homes under construction and 5,000 pending financial closure, the proposal is under review by the Amitabh Kant Committee, offering fresh hope to 14,000+ affected homebuyers.
NCR-based real estate firm Apex Group has submitted a proposal to the Supreme Court to revive 16 stalled housing projects by the defunct developer Supertech, offering a glimmer of hope to over 14,000 affected homebuyers across Noida, Greater Noida, and Ghaziabad. Advertisement
As part of the plan, Apex has committed to investing around INR 700 crore to complete the unfinished units and has agreed to clear outstanding dues of approximately INR 2,500 crore to various authorities within five years of taking over the projects.
The Supreme Court had earlier appointed the Amitabh Kant Committee to evaluate credible revival plans for stalled housing projects. Apex's proposal is one of the latest under this framework and has received initial support from the Uttar Pradesh government.
The group's revival initiative began with the Supertech Eco Village 2 project in Greater Noida West, where Apex is partnering with HawaEriya Group to complete partially developed towers. This project, covering 22 acres and named Shree Radha Sky Garden, is already seeing construction activity resume.
Supertech CMD R K Arora stated that the company's top priority is to ensure that homebuyers receive possession. He added that Apex has sought in-principle approval from relevant local authorities and banks to proceed with the construction.
He added that 50,962 homes across the 16 projects were originally planned, of which 39,870 units had already been sold. Nearly 14,871 homes have been delivered, and another 14,999 are under construction. The new proposal aims to deliver the remaining 20,000 units, including 7,100 homes for which possession has been delayed for years. Of these, around 5,000 units are pending financial closure.
This is not the first time a revival plan has been submitted under court-monitored efforts. In an earlier move, Nimbus Projects, a Noida-based builder, also submitted a plan to revive a stalled project in Sector 168.
The Apex Group's plan is now being reviewed by the court-appointed committee, and further hearings will determine the course of execution. The estimated recoverables from the revived units are valued at INR 2,200 crore.
If approved, the proposal could become a blueprint for resolving other stuck housing projects in the NCR region, where thousands of homebuyers remain in limbo.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
