A Singapore-based company has agreed to invest around Rs 1600 crore in Supertech.
This news has brought some relief to the 27,000 buyers who have invested in Supertech.
On June 27, the Enforcement Directorate (ED) arrested RK Arora, the Chairman of Supertech, in connection with a money laundering case. As a result, thousands of homebuyers, still awaiting the ownership of their flats and registry in Supertech projects, are now at stake.
In response to this incident, the management team and Interim Resolution Professional (IRP) have assured that the company will complete its pending projects with the help of foreign investments. They claim that Supertech will receive approximately Rs 1600 crores from foreign investors, enabling them to expedite the completion of the remaining projects.
This news has brought some relief to the 27,000 buyers who have invested in Supertech. The pending projects include developments in Noida, Greater Noida, Gurugram, Meerut, Delhi NCR, and Uttarakhand. Notable projects among them are Eco Village 1, 2, 3, 4, Jar Suite Omicron, Upcountry, Emerald, Supertech Eco City, North Eye, Capetown, Supertech Pavilion, Shoprix Mall, Romano, and the Supertech Precast factory. Foreign investments will also contribute to the completion of these projects.
A Singapore-based company has agreed to invest around Rs 1600 crores in Supertech. While this development brings some relief to the buyers, it is important to note that the issue of flat registration remains unresolved. Before this, some homeowners expressed their concerns, stating that the arrest of the owner alone would not guarantee their registration rights. They emphasized that without the registry of flats, owners would be deprived of their rightful ownership. Many buyers who have invested significant amounts in various Supertech projects are still awaiting possession of their flats.
While foreign investment offers a glimmer of hope and relief for the flat owners, it is crucial to remember that it will not fully solve their problems. The Supreme Court has permitted Supertech to seek foreign investment, and the company has submitted a plan to the National Company Law Tribunal (NCLT). This plan aims to resume construction on 18 stalled projects, providing a ray of optimism for the completion of these ventures.
As the situation unfolds, homebuyers eagerly await a resolution to their plight, hoping that the promised foreign investments and legal proceedings will pave the way for the completion of Supertech projects and the registration of their long-awaited flats.
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