The Noida Authority has given its formal approval for the inclusion of a private co‑developer, Apex Group, to resurrect four major stalled residential projects initially launched by Supertech Ltd in Noida. This decision is a critical development for nearly 4,000 beleaguered homebuyers who have been grappling with lengthy construction delays and uncertainty.
Projects Involved and Beneficiaries
The Noida Authority’s board has greenlit Apex Group to take over and finish:
- The Romano (Sector 118)
- North Eye (Sector 74)
- Cape Town (Sector 74)
- Eco City (Sector 137)
Together, these four developments comprise approximately 7,000 housing units, of which about 5,500 have already been handed over—leaving 1,500 units unfinished across North Eye and Cape Town. Romano has delivered 400 units with 1,500 pending, while Eco City has completed 1,400 of its 1,600 units.
Financial Framework and Investor Commitment
In April, Apex submitted a comprehensive resolution plan to the Supreme Court outlining its strategy to revive 16 of Supertech’s stalled projects, potentially aiding over 15,000 buyers. As part of this plan, Apex has pledged to settle approximately ₹678 crore owed to five banks, and ₹1,900 crore in dues to local authorities—namely Noida, Greater Noida, and the Yamuna Authority.
Apex has further committed an initial investment of ₹500 crore to be injected immediately following site takeover. This amount will be used to fast-track construction activities, with a target to complete the units within two years of assuming control. To finalize the remaining construction on sold units, an estimated ₹1,700 crore will be required—offset by receivables of ₹2,200 crore.
Legal Conditions and Supreme Court Oversight
This co-developer appointment is contingent upon the Supreme Court’s approval of Apex’s resolution plan. In February, the Court had temporarily stayed the appointment of NBCC (National Buildings Construction Corporation) as the project management consultant—a move that opened the path for Apex’s proposal to be considered.
Under the policy framework endorsed by UP’s Amitabh Kant Committee, developers can assume project control once they pay 25% of dues and withdraw any legal challenges, thereby facilitating a faster resolution mechanism.
Builder & Authority Responses
Supertech’s chairman, R. K. Arora, welcomed the decision, noting the selected projects were already 70–80% complete. He expressed hope that approvals in Greater Noida and Yamuna Expressway authorities would follow suit.
From the buyer community, reactions were mixed. Some, represented by NEFOWA (Noida Estate Flat Owners Welfare Association), applauded the move, stating homeowners simply want timely delivery—regardless of who completes the project. Others voiced concerns over Apex’s relative inexperience and pushed for NBCC, citing its effective handling of similar stalled projects like Amrapali.
Noida Approves Redevelopment Policy Inspired by Mumbai
Policy Impact and Broader Context
The co-developer model, recommended by the Amitabh Kant Committee and adopted by Uttar Pradesh, is designed to relieve the chronic backlog of unfinished real estate projects in the NCR and similar regions. With over 190,000 units stuck across Noida, Greater Noida, and Ghaziabad—and an estimated ₹1 lakh crore tied up in stalled investments—the policy aims to reinvigorate stalled construction through private capital and operational interventions.
Apex Group’s intervention is one among several, including earlier co-developer approvals such as Nimbus Projects Ltd in Sector 168. The Hawelia Group is also progressing with a separate co-developer initiative in Greater Noida.
What Homebuyers Can Expect
- Immediate Action: With Apex injecting ₹500 crore immediately, construction work is expected to resume swiftly on the four sanctioned projects.
- Delivery Timeline: Apex targets completion and delivery of all pending units within two years of takeover.
- Pending Legal Clearance: Supreme Court review remains pending, anticipated by mid-August.
- Authority Collaboration: Both Greater Noida and Yamuna Expressway authorities have upcoming board reviews to approve similar Apex-led revivals.
Economic and Urban Renewal Implications
This authorization marks a turning point for stalled real estate in Noida. Its implications include:
- Buyers’ Relief: Thousands of families regain hope of reclaiming their life savings in the form of home possession and registration.
- Urban Growth: Revived projects will enhance infrastructure, generate employment, and contribute to local economic activity.
- Policy Precedent: Successful execution may serve as a prototype for reviving stalled projects in other regions, both within UP and nationwide.
By endorsing Apex Group as the co-developer, the Noida Authority has taken a decisive step toward solving a long-standing real estate crisis. More than 4,000 waiting families—and potentially up to 15,000 across Supertech’s projects—have found renewed hope. Now, all eyes are on the Supreme Court’s final decision, expected this August. If all goes as planned, these homes may soon change hands—with bricks and mortar finally meeting the dreams they once fueled.
