Supreme Court Paves Way for NBCC to Rescue Stalled Housing Projects

The Supreme Court has tasked NBCC with completing 16 housing projects of Supertech Limited to aid homebuyers caught in a two-decade delay. Using Article 142, the court emphasized protecting homebuyers' interests and ensuring no further legal hindrances impede project completion, prioritizing home delivery over creditor claims.

The Supreme Court issued a landmark ruling tasking the State-owned NBCC with expeditiously completing 16 delayed housing projects of debt-ridden realty firm, Supertech Limited. This move comes as a relief to thousands of homebuyers who have been waiting for nearly two decades for the delivery of their homes.

The court, utilizing Article 142 of the Constitution, prioritized the interest of homebuyers, directing that no tribunals or high courts should issue orders that could halt construction progress. As many as 51,000 houses were booked for delivery between 2010 and 2012, many of which remain incomplete.

Financial and operational creditors of Supertech are secondary to homebuyers' needs, according to the bench, which directed that debts be settled post project completion. NBCC plans to finish the projects in phases across regions including the NCR, Uttarakhand, and Karnataka, aiming for substantial progress by May 2025.

(With inputs from agencies.)