by THO
The Noida and Greater Noida authorities have decided to discuss and decide on the proposal of the realty firm Supertech Limited, which had sought permission for executing registries of ready apartments, citing the grievances of the thousands of homebuyers, who have been waiting for more than a decade to get their dream homes in the twin cities of Noida and Greater Noida, officials aware of the development said on Thursday.
On July 9, the Greater Noida authority additional chief executive officer Saumya Srivastava met with Supertech Limited promoter RK Arora and interim resolution professional Hitesh Goel and discussed issues related to the registry of apartments.
The National Company Law Tribunal (NCLT) on March 25, 2022, ordered the commencement of corporate insolvency resolution process against Supertech and appointed Hitesh Goel as IRP.
But Supertech challenged the NCLT order before the National Company Law Appellate Tribunal (NCLAT) that allowed project-wise resolution in their latest order dated May 31, 2024. This means that the IRP’s role is only supervisory and the promoter will have to work to seek solutions to address apartment owners’ issues.
In compliance of NCLAT order, Supertech, through a letter, demanded from both the Noida and the Greater Noida authority permission to carry out registries of ready apartments in projects for which the builder has already paid land cost dues and also obtained completion certificates.
The developer also sought permission from the authorities to introduce co-developers wherever required, rebates on penal interests for the two years of Covid-19, and approval or revalidation of building maps, said officials.
“Supertech promoter raised three points in the meeting pertaining to permission for registry of ready apartments in Ecovillage 1 and 3, Czar and Sports City. We made it clear that Sports City housing projects are under probe and we will wait for its completion before registry. In Czar, we were informed that some issues are being resolved at state government level. As far as the permission of registry in Ecovillage 1 and Ecovillage 3 housing projects are concerned, the authority will discuss and decide on it,” said said additional CEO Srivastava.
“We have already informed the developer that permission for the registry is issued only if the developer in question first clears the land cost dues. And if they are ready to clear the dues, then the authority can issue permission for the registry,” said Srivastava.
According to Supertech, there are at least 17,000 apartments, which need to be built and delivered to the homebuyers in its projects in Noida and Greater Noida.
“We cleared the land cost dues for 2,100 apartments in different housing projects in Greater Noida and 3,000 apartments in Noida’s different projects two years ago. Buyers were shifted into these projects but registry permissions were not issued. We have written and sought a nod from the Noida and the Greater Noida authorities for registries for providing relief to homebuyers,” said RK Arora, promoter, Supertech Limited.
“Also, to obtain permission for remaining apartments, we have suggested to the two authorities that they open an escrow account so that money from buyers for sold out inventory can be used for payment of land cost dues and registry. We have also sought permission to bring in a co-developer who can infuse funds and help complete projects,” Arora said.
Greater Noida authority and the Noida authority said they will look into all issues before taking a call.
The Noida authority is likely to discuss Supertech’s issues in its board meeting scheduled on Friday. “We will discuss the issue in the board meeting and take an appropriate decision,” said Lokesh M, chief executive officer of the Noida authority.
