Uttar Pradesh Government Received the Plan for the Accomplishment of Stuck Projects from Supertech

As per the report, Supertech mentioned that their total dues to the development authorities and the bank is approximately Rs. 8,000 crores. Plus, the receivables from both already launched and pending projects are exceeding by Rs. 14,000 crores. That’s why it is surely making the project’s net worth worthwhile.

Supertech, a renowned real estate developer has been facing several cases from numerous homebuyers for late delivery. The company needs to deliver around 15,000 homes to its clients. Not only this, but an Enforcement Directorate investigation has submitted a plan to the government of Uttar Pradesh to restart the construction work at multiple projects in the National Capital Region.

As per the sources, it is said that Supertech has appealed to the higher authorities to begin the registry procedure of their projects for which the completion certificate has been acquired. So, once the registry resumes, all the buyers will start by paying the remaining amount that will help restart the cashflow. However, it is a matter of concern that the buyers are not paying the remaining amount; the reason is pretty obvious - negative sentiments.

According to the proposal, the outstanding amount to the land authorities is about 2,670 crores. It is almost half of the interest on the total cost of the land purchased to construct houses.

But the good news is Supertech has assured the authorities that they’ll clear all the pending balances including Covid-19 and the ban due to pollution, as zero periods. However, the real estate builder has made it very clear that they’ll be unable to clear all their pending money in a single time. So, they have requested all the senior members to link it with the completion of the project.

As per the report, the company is also obliged to pay Rs. 830 crores to multiple banks, but the company is facing a bankruptcy case against one of its group companies. So, it is in the procedure of putting some of the lands for selling purposes so that they can offer an exit for the creditors and use the remaining money to accelerate the construction of the pending projects.

In addition to the report, Supertech has shared the news that they have space within the projects, making it very clear that they can launch new towers. Plus, it might get a potential revenue from the latest projects of Rs. 10,000 crores, whereas the construction process can be covered in less than 5,000 crores.

Moreover, another important thing that needs to be addressed is - as per the orders from higher authorities, since August 14, 2013, all the construction activities in all the projects that come within the radius of 10km, including the Okhla Bird Sanctuary, will remain suspended. However, there is a possibility that the work will resume after two years. Hence, the real estate company in Noida is also pursuing a zero period during this time.

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