In a bid to clear a significant financial hurdle, real estate developer Supertech has proposed a resolution plan to the Greater Noida Authority. This plan tackles a debt of Rs 900 crore owed to the Authority. However, the plan goes beyond just repayment. Supertech has also requested the green light to register around 2,000 flats across three of their projects: Ecovillage 1 & 3 and Czar Suites. Notably, these projects have already secured occupancy certificates, but remain entangled in ongoing insolvency proceedings.
The crux of Supertech’s proposal hinges on an escrow account. This account would act as a holding tank for funds received from homebuyers and future property sales. These accumulated funds would then be used to progressively pay down the outstanding dues owed to the Greater Noida Authority. Supertech has even offered to settle the principal amount immediately to expedite the process, with interest payments addressed later.
This move by Supertech signifies a two-pronged approach. It aims to clear their dues with the Authority and potentially unlock the registration of ready-to-move-in flats, providing some relief to homebuyers who have been waiting for their properties. However, the plan’s acceptance hinges on approval from the Greater Noida Authority.
