Noida: Nearly 4,000 homebuyers are set to benefit as Noida Authority board has allowed a co-developer to complete four stalled group housing projects developed by debt-ridden Supertech Ltd in the city. The clearance paves the way for Apex Group to step in and revive The Romano in Sector 118, North Eye and Cape Town in Sector 74, and Eco City in Sector 137.
In April, Apex Group submitted a resolution plan before the Supreme Court seeking to revive 16 projects of debt-ridden realty firm, giving hope to over 15,000 homebuyers. The company 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 committed to invest Rs500 crore, with plans to deliver the flats within two years of taking over.