NEW DELHI: NCR-based realty developer Apex Group has submitted a proposal to the Supreme Court seeking to revive 16 projects of debt-ridden realty firm Supertech, giving hope to over 14,000 homebuyers.
The company has agreed to clear ₹678 crore of dues to five banks and around ₹1,900 crore to Noida, Greater Noida and Yamuna authorities. In the initial phase, the company has committed to invest ₹500 crore, with plans to deliver the flats within two years of taking over.
“We will come as a co-developer, taking all the liabilities. Since the projects are net worth positive, it will generate revenue through unsold inventory and customer receivables. We will also pay back the penalty to homebuyers,” said Satnam Singh Sachdeva, CMD, Apex Group.
A co-developer can take over a legacy stalled project under the policy formulated by the Amitabh Kant Committee and sanctioned by the Uttar Pradesh government.
Earlier, Nimbus Projects, an NCR-based listed realty firm, had taken approval to revive a stuck housing project in Sector 168 in Noida.
The first project under the policy is being carried out by realty developer Hawelia Group, which has taken over a 22-acre, partially delivered project, Shree Radha Sky Garden, in Greater Noida.
“Our priority is to ensure homebuyers get the home. The proposal submitted by the Apex Group has, in principle, approvals from the local authorities, and the banks have also agreed to the staggered payment plan. Once we get a final go-ahead from the Supreme Court, the delivery timeline will be followed,” said Supertech chairman R K Arora. The 16 projects of Supertech have 50,962 homes, of which 39,870 are sold while 11,092 are unsold. Of the sold homes, 24,871 have been handed over to the buyers, while 14,999 are yet to be handed over to the buyers. An investment of ₹1,700 crore is required to complete the sold homes, while receivables from these units are ₹ 2,200 crore.
Source Homevior.in
