NBCC has been assigned to take over and complete 16 projects of bankrupt builder Supertech over next three years, the company informed on December 12.
The NCLAT appointed NBCC has a project management consultant to complete Supertech's pending developments, which include 50,000 dwelling units. These 50,000 units are yet to be handed over by the builder. The project will involve around Rs 10-15,000 crore of construction work, said NBCC, and it will be completed in 3 phases.
"This is to further inform that NBCC has been appointed as the Project Management Consultant (PMC) with no liability, and it will complete the Supertech projects within three years," NBCC said in a company filing.
NCLAT has fixed March 31 as Day Zero for all project-related approvals and said the state-run company will have to be awarded all contracts by the end of April. The proposed construction projects will cost Rs 9,500 crore, said a news report in The Times of India.
NBCC cannot charge more money from those who have already been allotted apartments, but can monetise unsold inventory. Any surplus will be used to pay lenders Union Bank and authorities who own the land on which the projects are coming up. There will be no compensation to homebuyers, as the demand was rejected by the tribunal. Around 25,000 homebuyers are keen that NBCC takes up this project, the company said.
"Since already we have completed Amrapali successfully, so Supreme Court as well as NCLT and homebuyers also very keen, they're asking us to complete this project," NBCC said recently.
Supertech's stalled project adds to the ongoing Amrapali project which NBCC in working on. NBCC said it is examining the feasibility of few more such real estate projects in Delhi, NCR and Mumbai regions, where homebuyers are facing problems.
Supertech was expected to join the NBCC's stalled project list by this year-end.
NBCC has an order book of around Rs 84,000 crore and the company is targetting to take it to Rs 1 lakh crore by the end of this financial year.
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