In an exciting development for Noida’s real estate sector, the Noida Authority has taken significant steps to push forward two major real estate projects that had been stuck for a while. On Monday, important decisions were made to bring these projects to completion.
New builders have come forward to take over these projects, which are currently under the purview of NCLT (National Company Law Tribunal) and NCLAT (National Company Law Appellate Tribunal). The authority has granted some concessions to these new builders in certain matters.
Supernova Project by Supertech Builder 🏙️
One of the notable projects is the Supernova by Supertech Builder, located in Sector-94. This project had been left incomplete, but now, Kotak Investment Advisor Limited has stepped in to complete it. Kotak Investment Advisor will pay off approximately ₹310 crore in dues owed to banks and others on behalf of the builder. Additionally, they will invest around ₹450 crore to complete the project. The Noida Authority has approved this proposal, paving the way for the project’s completion.
Max Estate in Sector-16B 🏗️
The second project involves Max Estate Limited, which concerns a commercial plot located in Sector-16B. This plot’s allotment case is currently under consideration by NCLAT. The Noida Authority has also made a decision in this matter. Max Estate Limited will pay the authority ₹613 crore at the MCLR (Marginal Cost of Funds based Lending Rate) for three years, including interest. Without interest, this amount stands at ₹542 crore, which is 58.11% of the total outstanding amount of ₹932.68 crore. After depositing this money, the builder will be given three years to complete the construction.
Background Details 📝
The Noida Authority had allotted plot number-03 in Sector-94 to M/s Supertech Realtors Private Limited on March 28, 2011. As of now, the builder owes a whopping ₹3319.29 crore, which is due by May 2024. Due to certain bank liabilities, this project’s case is under consideration with NCLT.
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