NBCC appointed as consultant to complete 16 housing projects of Supertech: NCLAT order

State-owned NBCC (India) Ltd has been appointed as the project management consultant (PMC) for the completion of 16 stalled projects of real estate firm Supertech Ltd. NBCC informed the stock exchanges that it will complete 16 projects involving nearly 49,748 housing units in Uttar Pradesh, Uttarakhand, Haryana and Karnakata.

"This is to inform that Hon’ble NCLAT vide its order dated December 12, 2024 has appointed NBCC (India) Limited as Project Management Consultant for completion of 16 projects of Supertech Ltd," the company said in a regulatory filing on Thursday.

The total estimated construction cost is approximately ₹9,445 crore, inclusive of a 3% contingency. NBCC will receive a PMC fee of 8%, including 1% as a marketing fee.

The tribunal, in its order, highlighted the necessity of addressing the plight of homebuyers, many of whom have been waiting for their homes for several years.

"NBCC shall not treat its obligations only as a Project Management Consultant and shall go an extra mile to ensure that Project is completed and all unnecessary and extra cost be avoided due to limited resources of fund for completion of the Project," the NCLAT order stated.

As per NCLAT's directives, NBCC will implement third-party inspections, including structural audits by reputed institutions like IITs or NITs, to ensure quality construction in line with CPWD norms.

The projects will be executed simultaneously, addressing concerns over the phased approach initially proposed by NBCC.

The 16 projects are: Eco- Village 1, Eco-village -2, Eco- Village 3, Romano, Capetown, Czar Suites, and Sports village in Greater Noida; Eco-citi and Northeye in Noida; Upcountry on Yamuna Expressway; Meerut sports city and Green village Meerut in Meerut; Hilltown and Araveille in Gurugram; Rivercrest in Rudrapur; and Micasa in Bengaluru.

The public sector company is mainly into project management consultancy (PMC) and real estate business.

NBCC is already completing stalled projects of Amrapali Group on the order of the Supreme Court.