According to a report filled by an Interim Resolution Professional (IRP) with the National Company Law Appellate Tribunal (NCLAT), Supertech has allegedly offered possession to homeowners across 148 towers, plots and villas without having procured an occupancy certificate for the same. Approximately 9,000 flats in 18 projects are already occupied. According to the management Supertech has applied for the OC for all these projects and all other approvals and NOCs have been procured. However, their application for the final OC has been held up by local authorities on account of outstanding dues payable by the company.
According to a report filled by an Interim Resolution Professional (IRP) with the National Company Law Appellate Tribunal (NCLAT), debt ridden Supertech has allegedly offered possession to homeowners across 148 towers, plots and villas without having procured an occupancy certificate for the same. These entities hold over 10,000 homes. Approximately 9,000 flats in 18 projects have already been occupied. The company’s Eco Village -I projects in Greater Noida (Uttar Pradesh) has the highest number of possessions without an OC. According to the management Supertech has applied for the OC for all these projects and all other approvals and NOCs have been procured. However, their application for the final OC has been held up by local authorities on account of outstanding dues payable by Supertech Limited.
According to several reports, Supertech allegedly has outstanding dues of Rs 2,062 crore with to two development authorities -- Greater Noida Industrial Development Authority and Yamuna Expressway Industrial Development Authority in Uttar Pradesh. Earlier this year the company filed an appeal before the appellate tribunal challenging the insolvency proceedings initiated against the company by the National Company Law Tribunal's (NCLT) in March 2022. In August 2022, two 31-storey towers -- Apex and Ciyane constructed by Supertech in Noida were demolished following a Supreme Court order.
Many real estate developers in the Delhi-NCR (National Capital Region) are said to offer possession of flats without OCs. Several reasons plague builders for not being able to obtain OCs. Many a times, builders lease land from the development authorities for the purpose of creating residential projects but default on their lease payments due to which the authorities withhold the OCs to ensure dues are cleared. In other times, developers deviate from the sanctioned building plans due to which the development authorities withhold the OCs. Apart from adhering to the building plans, developers must procure compliance certificates from other competent authorities such as fire safety and lift safety. In the case of non-compliance, the OCs are withheld on account of concerns regarding safety of the structure and inadequate facilities.
Local bodies in many states have begun introducing a provision of deemed completion if the authorities concerned don't raise any objection to the developers' request for OC maximum within three months from the date of application. Other than the safety aspects of the building being in question, a deemed is a highly contentious issue legally. The resale value of deemed OC flats is 25 per cent less than those with proper OCs. An individual can only occupy a flat in a building with a deemed OC, but he or she cannot mortgage it to procure a loan. According to published data there are approximately 75,000 flats in Noida alone in buildings have only a deemed OC.
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