NBCC to move SC for RERA Exemption to complete 16 stalled Supertech projects

State-owned NBCC will move the Supreme Court to seek exemption for RERA registration norms as 11 of the 16 stalled Supertech projects it has been asked to take over require fresh fund infusion, ET reported quoting two sources.The Supreme Court recently upheld an NCLAT order directing NBCC to complete 16 housing projects of debt-ridden real estate firm Supertech Limited.However, after reviewing the projects, NBCC found that funds would need to be diverted from surplus projects to those facing shortages — a move not permitted under RERA rules.“NCLT doesn’t have the power to give RERA exemption, which is necessary to deliver these projects. We got exemption in the Amrapali case also, where the construction is going on smoothly,” ET reported quoting one person aware of the matter.An NBCC official said surplus cash from one project would have to be used to complete others. The company is hopeful of resuming construction within two to three months and has drawn up a timeline of up to three years to complete the entire portfolio. “Some projects, where less work is left, will only take a year, while some will take two years. However, some of the projects are greenfield, where development has not started. Those will take three years,” the official added.Earlier, homebuyers of the 16 stalled Supertech projects had written to the Chief Justice of India and Prime Minister Narendra Modi seeking intervention to hand over the projects to NBCC instead of NCR-based Apex Group.The 16 stalled projects comprise 50,962 homes, of which 39,870 have been sold and 11,092 remain unsold. Of the sold units, 24,871 have been delivered, while 14,999 are yet to be handed over.An estimated Rs 1,700 crore is required to complete the pending sold units, while receivables from these homes are pegged at around Rs 2,200 crore.The buyers also sought the vacation of a stay imposed by the Supreme Court on a December 2024 NCLAT order directing that the projects be entrusted to NBCC for time-bound completion.The stay followed a revival proposal submitted by Apex Group to the top court.