NBCC Rescues Stalled Supertech Projects: A $9,500 Crore Relief Effort

State-owned NBCC has taken on the role of project management consultant to complete 16 stalled real estate projects of Supertech Ltd, costing nearly Rs 9,500 crore, offering relief to thousands of homebuyers. NBCC plans to finish the 49,748 housing units across four states within three years.

State-owned NBCC has been appointed as the project management consultant to rescue 16 stalled projects of Supertech Ltd, providing a sigh of relief to thousands of homebuyers.

A regulatory filing revealed that the National Company Law Appellate Tribunal has appointed NBCC for this task, which will require a tentative construction cost of Rs 9,445 crore.

NBCC, which primarily deals in project management consultancy, aims to complete these 49,748 housing units across states like Uttar Pradesh and Haryana within three years, with an 8 per cent consultancy fee involved.

(With inputs from agencies.)