The Noida Authority has approved a co-developer proposal to revive stalled housing projects of Supertech Limited, offering long-awaited relief to thousands of homebuyers across Noida, Greater Noida, and the Yamuna Expressway region, as reported by Hindustan Times.
The authority’s board gave its nod to a plan by Apex Group, which has offered to step in as co-developer, infuse fresh capital, and complete unfinished residential units. Apex’s proposal is currently under review in the Supreme Court, which is expected to hear the matter on August 13.
Apex Director Satnam Singh said the firm plans to inject ₹500 crore to kick-start construction and is prepared to provide additional funds to ensure timely completion. “We will not only infuse the required capital but also pay the authority dues and deliver the homes as originally promised by Supertech,” Singh said. “The aim is to benefit buyers and restore confidence.”
Noida Authority CEO Lokesh M confirmed the board’s approval and outlined the financial condition tied to the plan. “If the co-developer pays 25 percent of the total dues, they will be allowed to proceed,” he said. “Our focus is twofold: recover land dues and ensure buyers get possession of their flats.”
Supertech Chairman R.K. Arora said the Supreme Court had previously directed the developer to obtain consent from all relevant authorities, including Noida, Greater Noida, YEIDA, as well as banks and other stakeholders, before moving forward with a co-developer model. “The banks have already granted approval,” Arora said. “Now that Noida Authority has passed the plan, the next step is Supreme Court approval to enable the delivery of units in 16 of our projects.”
The Noida Authority has approved the co-developer arrangement for several key projects, including Supertech Capetown in Sector 74, Supertech Romano in Sector 118, and Supertech Ecocity in Sector 137. Similar proposals are expected to come up for discussion in the board meetings of the Greater Noida Authority and the Yamuna Expressway Industrial Development Authority later this month.
Reactions among homebuyers were mixed. Many welcomed the decision but stressed that delays and cost escalations must be avoided.
“We’ve been waiting for years,” said Madhvi Singh, a buyer at Supertech Capetown. “Whatever decision is made, it must ensure timely delivery without increasing our financial burden.”
However, some buyers expressed concerns about the co-developer’s ability to complete the work and called for a government agency to take over.
“We don’t trust Supertech or smaller developers,” said Amita Singh, a buyer at Supertech Romano. “Only a government-backed entity like NBCC can ensure the projects are completed without further delay.”
The proposal’s fate now rests with the Supreme Court, which is expected to determine the next steps for Supertech’s unfinished housing units during its hearing on August 13.