By THE NEWSMAN OF INDIA.COM|
· Landmark Judgment Reinforces Legal Certainty, Brings Relief to Homebuyers

· Strengthens NBCC’s Role in Resolving Distressed Real Estate Assets

In a landmark development for India’s real estate and infrastructure sector, the Hon’ble Supreme Court of India has upheld the decision of the National Company Law Appellate Tribunal (NCLAT), authorising NBCC (India) Limited, a Navratna Public Sector Undertaking, to complete 16 stalled housing projects of Supertech Limited.

The apex court’s affirmation provides final legal certainty to NBCC’s role as Project Management Consultant (PMC) for these projects and establishes a clear, binding framework for their execution and completion. The judgment marks a decisive step toward resolving one of the largest distressed real estate portfolios in the country.

Judicial Backing and Clear Legal Framework

The Supreme Court, after hearing the matter at length, upheld the NCLAT order dated December 12, 2024, approving the Terms of Reference (TOR) submitted by NBCC under Interlocutory Application (IA)-6557/2024. The TOR has the provision of NBCC getting PMC charges of 8% on actual cost of construction.

Supreme Court, further clarified that the order is final and binding, and that no court or forum shall interfere with the implementation of the directions issued for completion of the projects by NBCC. It has also directed that expired statutory approvals shall be renewed within the timelines prescribed by NCLAT, ensuring uninterrupted project execution.

Major Relief for Homebuyers

The verdict is expected to bring long-awaited relief to affected homebuyers, many of whom have been awaiting possession of their homes for over a decade. The judicial endorsement strengthens confidence among stakeholders and paves the way for structured, transparent and time-bound completion of the projects.

Project Details

The 16 Supertech projects entrusted to NBCC are spread across four states:

Uttar Pradesh – 12 projects
Uttarakhand – 1 project
Haryana – 2 projects
Karnataka – 1 project
Together, these projects comprise approximately 50,000 housing units, with an estimated construction cost of ₹9,445 crore, including statutory charges, fees and contingencies. NBCC will execute the projects strictly as PMC, without assuming any financial liability.

NBCC’s Proven Track Record

NBCC (India) Limited has established itself as a trusted executor of complex and distressed real estate projects. A notable example is its role in the completion of projects of the erstwhile Amrapali Group, where NBCC was entrusted with execution by the Supreme Court of India. To date, NBCC has completed over 30,000 housing units under the Amrapali projects, reflecting its strong project management capabilities, execution discipline and stakeholder coordination.

Commitment to National Priorities

Through its continued involvement in resolving stalled housing projects, NBCC remains committed to supporting key government initiatives such as Housing for All, restoring home-buyer confidence and contributing to the broader vision of Developed India @ 2047, as envisioned by the Prime Minister of India.

NBCC will finalize its execution roadmap upon the uploading of the detailed order and proceed in accordance with judicial directions, ensuring quality, sustainability, and timely delivery.