Proposal to Require Homeowners to Pay Extra for Registering Flats in Noida

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    A resolution professional appointed by the National Company Law Appellate Tribunal (NCLAT) for Supertech Limited’s six stalled housing projects in Noida and Greater Noida has suggested that if buyers agree to pay additional money towards their apartments, he can proceed with registering the properties. This registration is contingent upon clearing the Noida Authority’s land cost dues.

    According to Hitesh Goel, the resolution professional (RP), the extra payment to the Noida Authority will be refunded once the company managing the stuck housing projects receives more funds in the future.

    However, some homebuyers are hesitant to pay this additional amount as they have already made full payments to the realtor for their respective units in the housing projects.

    The Noida Authority has expressed willingness to consider the RP’s proposal if it does not impose further financial burden on the homebuyers or consumers.

    Supertech Limited’s six projects—Romano and Capetown in Noida, Ecovillage I, Czar, and Ecovillage III in Greater Noida, and Upcountry in the Yamuna Expressway area—are under the RP’s oversight.

    The NCLAT appointed Goel on March 24, 2022, to take charge of Supertech Limited and make all decisions regarding the company after it failed to pay ₹431 crore dues to the Union Bank of India.

    According to the Indian Bankruptcy Code-2016, the NCLAT has the authority to appoint resolution professionals who can revive a defunct company by inviting interested bidders to take over and run the company.

    There are 20 housing projects, including six in Noida and Greater Noida. Other projects are located in Gurugram, Meerut, and Dehradun, among other cities, as per Goel.

    In a message to the homebuyers of the Noida and Greater Noida projects, Goel has urged buyers to pay the remaining amount for their apartments so that the funds collected can be used for these projects.

    He also proposed that buyers agree to pay an additional amount even if they have cleared all dues against a unit, so that funds can be raised to pay the authority’s dues and obtain permission for the registry.

    In these six projects, at least 5,000 homebuyers are awaiting registry and completion of their apartments.

    If the Noida Authority’s dues are cleared, they can issue permission for the registry as per the rules, said Lokesh M, CEO of the Noida Authority, adding that they are open to considering the RP’s proposal if it does not burden the homebuyers further.

    Also read: MMR Home Sales Surge in Q1CY24; Thane and Dombivali Lead the Pack

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