Noida authority gives nod to co-developer proposal

The proposal means that the co-developer will infuse funds, complete the flats, and deliver them, enabling the homebuyers to get their flats and benefit

NOIDA: The Noida authority board has given its approval to co-developer proposal for Supertech Limited’s stalled housing projects, paving way for completion of delayed housing projects in the city.

The Noida authority has given its nod for co-developer in Supertech Capetown Sector 74, Supertech Romano in Sector 118 and Supertech Ecocity in Sector 137 among others. (Sunil Ghosh/HT Photo)

The move comes after the realty firm “Apex” came forward to infuse funds and deliver the stalled housing projects of the Supertech Limited in Noida and other cities including Greater Noida, Yamuna City (a third city after Noida and greater Noida, where Supertech has projects), and others.

The proposal means that the co-developer will infuse funds, complete the flats, and deliver them, enabling the homebuyers to get their flats and benefit.

The Apex’s proposal is under consideration in the Supreme Court that is likely to hear Supertech case on August 13, 2025. Apex director Satnam Singh said that he will infuse the required funds to deliver stalled housing projects of Supertech Limited.

“We will infuse ₹500 crore to begin the construction and then we are capable to provide the required funds to finish and deliver the projects of Supertech Limited. We will not only pay the authority dues but also deliver the units as per the promises made by the Supertech, benefiting the buyers,” said Singh.

Noida authority chief executive officer (CEO) Lokesh M said that the board has given approval to Supertech Limited’s co-developer as per their rules.

“If the co-developer will pay 25% of total dues, we will allow them to work. Our aim is that the Noida authority gets its land cost dues and the homebuyers get their flats,” said Noida authority’s CEO Lokesh M.

Supertech Limited chairman RK Arora said the Supreme Court had asked to get approval from the local authority like Noida, Greater Noida, Yamuna Expressway Industrial Development Authority (Yeida) and others, banks including other stakeholders to go ahead with co-developer plan.

“The banks involved have already given their green signal, the Noida authority’s approval in its board on Saturday is a positive step. Now the SC will pave the way for the delivery of thousands of our homebuyers in 16 projects,” he added.

The Noida authority has given its nod for co-developer in Supertech Capetown Sector 74, Supertech Romano in Sector 118 and Supertech Ecocity in Sector 137 among others.

Similarly, the Greater Noida authority and the Yeida are likely to decide on the proposals this month only in their respective board meeting.

Homebuyers of Supertech Limited said that they need the flats delivered without any further cost escalation.

“We have been waiting for our flat completion for the last many years. We demand that whatever the decision happens, it should happen without further delay and cost escalation because we have suffered enough already,” said Madhvi Singh, a Supertech Capetown buyer.

However, there are some buyers who want the NBCC to take over the stalled housing projects.

“We do not trust Supertech or any other small developer because they will not provide the required funds and delay the projects. We want the NBCC to take over the projects,” said Amita Singh, a Supertech Romano buyer.