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The Noida Authority's board has approved a co-developer proposal for completing three of Supertech Limited's stalled housing schemes in Noida and Greater Noida. This arrangement allows Apex to invest INR 500 crore upfront and fund the remaining work, ensuring dues to the Authority are settled and flats are handed over to homebuyers. The move is contingent on Apex paying 25% of the outstanding land cost. Banks have already blessed the plan, and the Supreme Court is scheduled to review it in August. Homebuyers remain hopeful but stress no further delays or cost escalations.
In a move aimed at pushing stalled Supertech projects to completion, Noida Authority's board has approved a co-development model under which Apex will inject INR 500 crore initially and commit to full project funding. The CEO of Noida Authority clarified the co-developer's role includes paying just 25% of the total land cost to begin, addressing dues while facilitating delivery to buyers. Advertisement
This proposal covers three specific projects Supertech Capetown (Sector 74), Supertech Romano (Sector 118) and Supertech Ecocity (Sector 137) with similar nods expected soon from Greater Noida Authority and YEIDA. Banks involved have already approved the roadmap, and the Supreme Court will examine the framework when it revisits the Supertech case in mid August.
Apex's director affirmed that the INR 500 crore would kickstart construction, with capacity to fund the entire development while clearing Authority dues and delivering as originally promised. Noida residents who have been waiting years welcomed the board's gesture but emphasized they expect no further delays or cost burdens .
Meanwhile, a section of buyers continues to push for NBCC to step in instead, expressing mistrust in smaller developers like Apex.
This approval builds on Noida Authority's broader strategy over the past year to revive stalled housing projects. For instance, earlier this year it greenlit registry processing on over 13,600 flats across 35 delayed developments after those developers cleared a portion of their dues as per policy. There's also been an uptick in policy tools like co-development to expedite delivery and restore buyer confidence.
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