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National Buildings Construction Corporation Ltd. (NBCC) is preparing to approach the Supreme Court to seek exemption from RERA registration norms for 11 stalled housing projects of Supertech that it has been directed to complete. The company has stated that current RERA rules restrict fund movement across projects, making execution difficult. NBCC intends to use surplus funds and institutional finance to restart construction within the next few months. Around 14,999 sold homes remain undelivered, and completing them will require an estimated INR 1,700 crore, against expected receivables of about INR 2,200 crore.
State-owned National Buildings Construction Corporation Ltd. (NBCC) has decided to approach the Supreme Court to seek exemption from Real Estate Regulatory Authority (RERA) registration requirements for 11 out of the 16 stalled housing projects of Supertech that it has been assigned to complete. Advertisement
The move follows the Supreme Court's recent decision to uphold the National Company Law Appellate Tribunal's order appointing NBCC as the project management consultant to execute these long-pending developments. After reviewing the financial and construction status of the projects, NBCC concluded that it would need flexibility to reallocate surplus funds from relatively stable projects to cash-starved ones. However, existing RERA provisions do not permit diversion of funds from one registered project to another.
NBCC has indicated that seeking judicial relief would help ensure smoother execution. The company plans to utilise available cash flows and also raise funding from financial institutions to restart construction. Work is expected to resume within the next two to three months, subject to regulatory clarity.
The 16 projects form part of Supertech's larger stressed portfolio, which went into insolvency proceedings after severe financial distress. The developments together account for around 50,962 units. Of these, nearly 39,870 units have already been sold, and about 24,871 homes have been delivered. However, around 14,999 sold units are still awaiting completion and handover. In addition, more than 11,000 units remain unsold.
According to estimates placed before stakeholders, completing the sold units alone will require fresh investment of approximately INR 1,700 crore. At the same time, receivables from buyers are projected at around INR 2,200 crore, which can partly support construction once progress resumes.
Project timelines will differ based on the stage of construction. Developments that are structurally advanced may be completed within about one year. Projects at intermediate stages could take up to two years, while those where work has barely begun may require up to three years for delivery.
Homebuyers had earlier approached the courts and authorities seeking timely resolution and had supported NBCC's appointment over competing proposals. With the Supreme Court already backing NBCC's role, the proposed RERA exemption has now become central to unlocking execution flexibility.
If granted, the exemption would allow NBCC to manage funds across projects more efficiently while remaining accountable for delivery.
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