Noida Authority Okays Co-Developer to Complete 4 Supertech Projects, 4,000 Buyers to Benefit

Noida, June 17, 2025: The Noida Authority has allowed co-developer Apex Group to complete four stalled group housing projects developed by debt-ridden Supertech Ltd in the city, benefiting around 4,000 homebuyers.

The four projects Apex Group will revive are The Romano in Sector 118, North Eye and Cape Town in Sector 74 and Eco City in Sector 137.

More than 15,000 homebuyers saw a ray of hope in April, when Apex Group submitted a resolution plan before the Supreme Court (SC) seeking to revive Supertech’s 16 projects. The co-developer agreed to clear INR 678 crore of dues to five banks and around INR 1,900 crore to Noida, Greater Noida and Yamuna authorities. In the initial phase, the company committed to invest INR 500 crore and promised to deliver flats within two years of taking over.

Of 50,962 flats in 16 projects, 39,870 have already been sold with 24,871 handed over and 14,999 awaiting possession.

The SC’s final nod on Apex’s proposal is awaited. In February, the court stayed the appointment of state-owned NBCC as the project management consultant for completing the 16 stalled housing projects.

Earlier, several buyers criticised the stay order and pointed out that Apex had no experience in handling stalled or litigated projects while NBCC had managed the Amrapali case efficiently.

According to Supertech Chairman RK Arora, the four projects to be completed by Apex Group are 70-80 per cent complete. Cape Town and North Eye have 7,000 flats, of which 5,500 have been handed over to buyers. In Romano, 400 flats have been handed over while 1,500 are under construction. Of 1,600 flats in Eco City, 1,400 have been delivered and 200 remain.

According to Apex Group, it plans to deliver around 15,000 flats across all the 16 projects.