Supertech Insolvency: 'Don't Know If We'll Ever Get Our Dream Home'

Video Producer: Maaz Hasan
Video Editor: Prashant Chauhan

We all work towards fulfilling our dreams and one of the biggest dreams of a middle-class family is to own a house. Our family also had a similar dream but now, it has turned into a nightmare.

On 25 March, news broke out that one of the biggest real estate developers in Delhi-NCR, Supertech Limited, has been declared bankrupt by the National Company Law Tribunal (NCLT) and will go through insolvency.

This came as a big shock for us as we were one of the 25,0000 homebuyers who have booked a flat with the company.

But this wasn't the first time we were having problems with Supertech.

I booked my flat in 2017 at Supertech Hilltown in Gurugram and the possession was due in 2019. I booked it under the subvention scheme when all the major banks were financing it. In the subvention scheme, you pay some amount and till the possession, the interest of the loan amount sanctioned is paid by the builder to the bank. This is all documented in the tripartite agreement between the builder, the bank, and the homebuyer.

Supertech started dishonouring all the clauses we had in our agreement. They stopped paying the due interest to the bank so the banks started demanding the pre-EMIs as well. And since the homebuyer had taken the loan, we were being forced to pay that as well. Otherwise, we were levied with huge penalties. And now see what happened. Supertech has lost the case in NCLT against Union Bank of India for the default on the loan.

We have filed our claim forms as creditors. Now, we are just waiting to see what happens. Will our project be completed? If at all, then by whom? By Supertech or some other company? Or will we be refunded the money? How long will this process take? We have seen the cases of Amarpali and Jaypee. It has taken so long and still it has not reached closure.

Last year, we filed an FIR against Supertech at the Economic Offence Wing in Delhi and we are also fighting the case against the company over the delays in the delivery of our flat.

We are going through immense stress. Every month we have to pay the rent and everyone knows the rent in these metro cities, be it Noida or Gurgaon. It's a good Rs 30,000-40,000 a month of expenditure and then we have these pre-EMIs. Every month we are bearing double the cost of what is expected out of us.

If we get delayed in paying the pre-EMIs by a day or two, we have all types of penalty charges and notices coming from different lawyers to our places. Even financing companies have sent recovery agents to the offices and houses of homebuyers. People are living under a lot of stress.

We are shelling out money for something which is not there, and we don't know whether it will even be made. The builder has already gone insolvent. Now, we are hoping that the government bails us out of thi situation.

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