Homebuyers facing delays in receiving their dream flats in Supertech projects might have to wait longer. The embattled developer has thrown a curveball at the National Buildings Construction Corporation’s (NBCC) takeover plan, proposed to expedite the completion of 14,000 flats across 17 projects.
Supertech argues that NBCC’s approach would further delay construction. They point out the state-backed corporation’s process used in the Amrapali case resulted in lengthy delays and disputes. Supertech proposes an alternative solution involving securing interim funding or collaborating with co-developers to complete the projects one by one, replicating their success with the Doon Square project.
NBCC, on the other hand, submitted a detailed plan proposing to act as a project management consultant. This approach aims to resolve the long-standing issues faced by aggrieved homebuyers. NBCC maintains that delays in Supertech projects are due to technical issues, not lack of funds.
The National Company Law Appellate Tribunal (NCLAT) is currently considering both viewpoints. A hearing is scheduled for October 21st, 2024, to determine the path forward. The decision will significantly impact the lives of over 27,000 homebuyers desperately awaiting the completion of their flats.
