NEW DELHI: In a significant boost for stalled housing projects and thousands of homebuyers, the Supreme Court has upheld a National Company Law Appellate Tribunal (NCLAT) order authorising NBCC (India) Limited to complete 16 unfinished housing projects of Supertech Limited.
The apex court’s ruling provides final legal clarity on NBCC’s role as project management consultant (PMC) and bars any further judicial interference in the implementation of the completion plan. The court also directed that expired statutory approvals for the projects be renewed within timelines fixed by the NCLAT to ensure smooth execution.
The Supreme Court upheld the NCLAT’s December 12, 2024 order approving the terms of reference submitted by NBCC. Under these terms, NBCC will receive PMC charges of eight per cent of the actual construction cost. The court made it clear that the arrangement is final and binding on all parties.
The verdict is expected to bring long-awaited relief to homebuyers, many of whom have been waiting for possession for more than a decade. The ruling is also seen as a major step towards resolving one of the country’s largest distressed real estate portfolios.
The 16 projects are spread across four states — 12 in Uttar Pradesh, two in Haryana, and one each in Uttarakhand and Karnataka. Together, they comprise around 50,000 housing units with an estimated construction cost of Rs 9,445 crore, including statutory charges and contingencies. NBCC will execute the projects strictly as a PMC, without taking on any financial liability.
NBCC has earlier completed over 30,000 housing units in stalled Amrapali Group projects under court supervision, a track record cited as key to its selection for the Supertech projects.