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Economic Times
12 hours ago
- Business
- Economic Times
Supertech homebuyers seek CJI, PM intervention to let NBCC complete projects
Homebuyers of 16 stalled Supertech projects have appealed to the Chief Justice of India and Prime Minister Modi, urging them to assign the projects to NBCC instead of Apex Group. They seek the removal of a stay on an NCLAT order that favored NBCC, citing concerns about Apex Group's proposal and financial viability. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Homebuyers of 16 stalled housing projects by Supertech have written to Chief Justice of India B R Gavai and Prime Minister Narendra Modi, seeking their intervention to hand over these projects to state-owned NBCC instead of NCR-based Apex homebuyers called for vacating a stay imposed by the top court on a National Company Law Appellate Tribunal (NCLAT) order in December 2024, directing that all these projects be entrusted to NBCC (India) Ltd for time-bound stay was based on a proposal Apex Group submitted to the Supreme Court to revive the projects.'After enduring over a decade of financial loss, mental trauma, and shattered dreams, we now face the imminent threat of being handed over once again to a private entity — Apex Heights Pvt Ltd — whose proposal and compliance affidavit submitted to the SC is fundamentally flawed, financially unviable, ethically questionable, and devastating for homebuyers,' they said in the 16 stuck projects of Supertech comprise 50,962 homes, of which 39,870 are sold and 11,092 remain unsold. Of the sold homes, 24,871 have been handed over to buyers, while 14,999 are yet to be investment of Rs 1,700 crore is required to complete the sold homes, while receivables from these units are estimated at Rs 2,200 crore.'NBCC has delivered large-scale, complex stalled housing projects such as Amrapali. It has the technical expertise, government backing, operational credibility, and most importantly — the trust of homebuyers,' said Mujeebur Rahman, a buyers have also demanded the disqualification of Apex from the resolution process and the complete removal of Supertech promoters from it.'We have requested the Supreme Court that no further interlocutory applications (IA) be entertained at this advanced stage of the proceedings. It has already been 15 long years, and more than 50,000 homebuyers are still waiting for their homes, having suffered immense financial and mental distress,' Rahman have alleged that Supertech is attempting to block NBCC's onboarding by pushing the Apex however, said once the Supreme Court approves the resolution plan submitted by Apex Heights, it will pave the way for all stakeholders to complete the 16 projects, with deliveries to homebuyers starting within three months and being completed in the next 24 months, in addition to repayment to financial institutions and land authorities as agreed in the plan.'Since the de-linking of the Doon Square Project in reverse insolvency, the handover of units has been done by Ametek, the codeveloper in the project, well before the time stipulated. NCLAT had directed delivery in 12 months, whereas 100% handover of units to homebuyers has been successfully completed in nine months,' Supertech said in a Group has agreed to clear Rs 678 crore of dues to five banks and around Rs 1,900 crore to Noida, Greater Noida, and Yamuna authorities. In the initial phase, the company has committed to invest Rs 500 crore, with plans to deliver the flats within two years of taking over.
Time of India
3 days ago
- Business
- Time of India
BGO and Aditya Birla Sun Life AMC invest ₹350 crore in Namo Realtech to fuel real estate expansion
Real estate credit platform of BGO, a global real estate investment management advisor and Aditya Birla Sun Life AMC has invested Rs 350 crore in debt to NCR-based Namo Realtech to fund its expansion in the real estate sector. Namo Realtech is currently executing 2 projects in collaboration with Max Estates , spread over 30 acres with approximately 6.4 million square feet under development. The company holds an additional land bank, and is in the process of acquiring further land assets on which it intends to collaborate with established developers. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Others MBA Data Analytics Public Policy CXO others Management Artificial Intelligence Degree PGDM Data Science MCA Project Management Cybersecurity healthcare Technology Healthcare Finance Data Science Operations Management Product Management Digital Marketing Leadership Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details 'India's residential market continues to show strong potential, and this transaction reflects our confidence in its sustained growth,' said Bharat Khanna, Head of India at BGO. The platform has committed to 9 projects across 5 cities focusing on post approval projects with established real estate partners. 'India's real estate sector has seen an increasing transformation in recent years with the help of government initiatives like GST and RERA. The funding is a testament to our shared vision of supporting high-value projects and driving long-term value creation,' said A Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life AMC Ltd. With the Namo Realtech deal, the platform has committed USD $100 Million across 10 deals with 7.8 million sqft of area under management. The platform targets to achieve USD 1 Billion of deployed capital under this strategy by 2028. AZB & Partners, Quantum and Trilegal acted as advisors on the transaction. Namo Realtech plans to launch its next project, a premium residential project in Gurgaon in collaboration with Max Estates. 'As we continue to scale, this investment will allow us to accelerate our future plans with regard to new projects that are already in the pipeline and at fairly advanced stages of discussion with other potential collaborators,' said Mohit Jain, Managing Director at Namo Realtech. Mohit Jain, was responsible for establishing Krisumi Corporation in India in a Joint Venture with Sumitomo Corporation of Japan. Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc. are the promoters and major shareholders of Aditya Birla Sun Life AMC Limited (ABSLAMC), which is primarily the investment manager of Aditya Birla Sun Life Mutual Fund.
Time of India
3 days ago
- Business
- Time of India
Supertech homebuyers seek CJI, PM intervention to let NBCC complete projects
Homebuyers of 16 stalled housing projects by Supertech have written to Chief Justice of India B R Gavai and Prime Minister Narendra Modi, seeking their intervention to hand over these projects to state-owned NBCC instead of NCR-based Apex Group. The homebuyers called for vacating a stay imposed by the top court on a National Company Law Appellate Tribunal (NCLAT) order in December 2024, directing that all these projects be entrusted to NBCC (India) Ltd for time-bound completion. Explore courses from Top Institutes in Please select course: Select a Course Category Operations Management Digital Marketing MBA Cybersecurity Project Management healthcare Healthcare CXO Data Science Product Management Public Policy others Design Thinking Degree Finance PGDM Data Science Technology MCA Others Artificial Intelligence Data Analytics Management Leadership Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details The stay was based on a proposal Apex Group submitted to the Supreme Court to revive the projects. 'After enduring over a decade of financial loss, mental trauma, and shattered dreams, we now face the imminent threat of being handed over once again to a private entity — Apex Heights Pvt Ltd — whose proposal and compliance affidavit submitted to the SC is fundamentally flawed, financially unviable, ethically questionable, and devastating for homebuyers,' they said in the letter. The 16 stuck projects of Supertech comprise 50,962 homes, of which 39,870 are sold and 11,092 remain unsold. Of the sold homes, 24,871 have been handed over to buyers, while 14,999 are yet to be delivered. Live Events An investment of Rs 1,700 crore is required to complete the sold homes, while receivables from these units are estimated at Rs 2,200 crore. 'NBCC has delivered large-scale, complex stalled housing projects such as Amrapali. It has the technical expertise, government backing, operational credibility, and most importantly — the trust of homebuyers,' said Mujeebur Rahman, a homebuyer. The buyers have also demanded the disqualification of Apex from the resolution process and the complete removal of Supertech promoters from it. 'We have requested the Supreme Court that no further interlocutory applications (IA) be entertained at this advanced stage of the proceedings. It has already been 15 long years, and more than 50,000 homebuyers are still waiting for their homes, having suffered immense financial and mental distress,' Rahman said. Homebuyers have alleged that Supertech is attempting to block NBCC's onboarding by pushing the Apex proposal. Supertech, however, said once the Supreme Court approves the resolution plan submitted by Apex Heights, it will pave the way for all stakeholders to complete the 16 projects, with deliveries to homebuyers starting within three months and being completed in the next 24 months, in addition to repayment to financial institutions and land authorities as agreed in the plan. 'Since the de-linking of the Doon Square Project in reverse insolvency, the handover of units has been done by Ametek, the codeveloper in the project, well before the time stipulated. NCLAT had directed delivery in 12 months, whereas 100% handover of units to homebuyers has been successfully completed in nine months,' Supertech said in a statement. Apex Group has agreed to clear Rs 678 crore of dues to five banks and around Rs 1,900 crore to Noida, Greater Noida, and Yamuna authorities. In the initial phase, the company has committed to invest Rs 500 crore, with plans to deliver the flats within two years of taking over. Economic Times WhatsApp channel )
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Business Standard
6 days ago
- Business
- Business Standard
DLF-Trident Realty JV sells all 416 flats in Mumbai project for ₹2,300 cr
India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs 2,300 crore in a luxury residential project in Mumbai on high demand. In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for Rs 2,300 crore in less than a week. DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty. "Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. "Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," he added. DLF and Trident Realty will invest around Rs 900 crore to develop this luxury housing project at Andheri (West). The company launched the first phase of this 5-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It sold flats in a range of Rs 4 crore to Rs 7.5 crore. In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group. Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project. The remaining 49 per cent would be with Trident Group. This is a Slum Rehabilitation Authority (SRA) project. DLF had entered Mumbai two decades ago with purchase of a land parcel. But, in 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for Rs 2,700 crore. It had also formed a joint venture with Akruti City to develop a few projects, but could not launch any project. DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in 2024-25 fiscal, an increase of 44 per cent from Rs 14,778 crore in the preceding financial year. DLF's MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at Rs 20,000-22,000 crore, almost in same range as last financial year. Last month, the company launched and completely sold the 'DLF Privana North' housing project in Gurugram, comprising 1,164 units. DLF will invest around Rs 5,500 crore to develop this 17.7 acre project, which has already been completely sold out for around Rs 11,000 crore. With the successful launch of Gurugram and Mumbai projects, DLF has already achieved more than 50 per cent of its annual sales bookings target. On financial performance, DLF's net profit increased to Rs 4,366.82 crore during 2024-25 fiscal from Rs 2,723.53 crore in the preceding year. Total income rose to Rs 8,995.89 crore in the last fiscal from Rs 6,958.34 crore in the 2023-24 financial year. Since its inception, DLF has developed more than 185 real estate projects and developed an area more than 352 million square feet. DLF Group has 280 million square feet of development potential across residential and commercial segment, including current projects under execution and the identified pipeline. The group has an annuity portfolio of over 45 million square feet. DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).
Economic Times
6 days ago
- Business
- Economic Times
DLF-Trident Realty JV sells all 416 flats in Mumbai project for Rs 2,300cr
India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs 2,300 crore in a luxury residential project in Mumbai on high demand. ADVERTISEMENT In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for Rs 2,300 crore in less than a week. DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty. "Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. "Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," he added. DLF and Trident Realty will invest around Rs 900 crore to develop this luxury housing project at Andheri (West). ADVERTISEMENT The company launched the first phase of this 5-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It sold flats in a range of Rs 4 crore to Rs 7.5 crore. In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group. ADVERTISEMENT Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project. The remaining 49 per cent would be with Trident Group. This is a Slum Rehabilitation Authority (SRA) project. DLF had entered Mumbai two decades ago with purchase of a land parcel. ADVERTISEMENT But, in 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for Rs 2,700 crore. It had also formed a joint venture with Akruti City to develop a few projects, but could not launch any project. ADVERTISEMENT DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in 2024-25 fiscal, an increase of 44 per cent from Rs 14,778 crore in the preceding financial year. DLF's MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at Rs 20,000-22,000 crore, almost in same range as last financial year. Last month, the company launched and completely sold the 'DLF Privana North' housing project in Gurugram, comprising 1,164 units. DLF will invest around Rs 5,500 crore to develop this 17.7 acre project, which has already been completely sold out for around Rs 11,000 crore. With the successful launch of Gurugram and Mumbai projects, DLF has already achieved more than 50 per cent of its annual sales bookings target. On financial performance, DLF's net profit increased to Rs 4,366.82 crore during 2024-25 fiscal from Rs 2,723.53 crore in the preceding year. Total income rose to Rs 8,995.89 crore in the last fiscal from Rs 6,958.34 crore in the 2023-24 financial year. Since its inception, DLF has developed more than 185 real estate projects and developed an area more than 352 million square feet. DLF Group has 280 million square feet of development potential across residential and commercial segment, including current projects under execution and the identified pipeline. The group has an annuity portfolio of over 45 million square feet. DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business). PTI (You can now subscribe to our ETMarkets WhatsApp channel)
