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In July 2017, we booked a flat in Supertech Sports Village in Greater Noida. We were told that the flat would be completed by the end of 2019. However, construction didn't even start until the end of 2020.
While booking the flat, we were also informed that the property was approved by RERA (Real Estate Regulatory Authority) and that our money was safe. When our money was lost, they told us they would not return it.
Then, my husband asked for a solution. They told us that our flat can be shifted. I again paid 10% and got my flat shifted from Sports Village to Eco Village 2.
The Rental Accommodation scheme under which we bought the flat.
(Email accessed by The Quint)
We purchased the flat under the scheme, and we were told that it would be ready in two years. Until then, Supertech will provide rental accommodation.
But till now, the builder has not provided me with accommodation nor paid the rent for the accommodation I found for ourselves.
An update email sent by Supertech on rental payments.
(Email accessed by The Quint)
'Supertech Became Bankrupt'
The builder was declared bankrupt and insolvent by the National Company Law Tribunal (NCLT) in March 2020. A court-appointed IRP (Interim Relief Professional) now manages the company's operations.
Every month, the court offers a ray of hope, telling us that this is the last period of insolvency. But the resolution has yet to come, even in two years.
My husband used all his life savings to book the flat. I also sold my wedding jewellery, took loans from family members, and made payments for this flat.
Throughout the whole process of Supertech's insolvency, homebuyers have been slaughtered like guinea pigs. Until today, there has been no resolution for the homebuyers of six towers: I1, I2, J1, J2, H4, and K1.
Timeline of Paramita Banerjee's case.
(Graphic by Aroop Mishra/The Quint)
'I Lost My Husband'
My husband died in 2021 due to COVID. I was in terrible shape and didn't know what to do. I am a homemaker and never worked.
We are surviving on my husband's insurance policy and with the help of my extended family members. My daughter was too small when my husband passed away.
On 3 May, it would be the third death anniversary of my husband. I have been under constant mental stress, and there is no relief from anywhere. I am not asking for charity. I am just asking for my rights.
'The Government Needs to Take Responsibility'
The entire system is responsible for this situation. The current party has been in power for the last 10 years. They can't pass the buck to any other government. This government needs to take responsibility.
What has the government done for us? If they had done anything, we wouldn't be in this situation. How can a builder dare loot so many people, and authorities don't say anything?
When RERA (Real Estate Regulatory Authority) came, homebuyers were assured of regulations. But builders are fearless of RERA. RERA has been used as an advertising tool to sell properties, and this was done to me.
What is The Supertech Insolvency Case?
In March 2022, NCLT (National Company Law Tribunal) declared Supertech bankrupt, and insolvency proceedings were ordered against the company over a petition filed by the Union Bank of India for non-payment of dues.
Supertech challenged the order at NCLAT (National Company Law Appellate Tribunal) and conveyed to both NCLAT and the Supreme Court that it had arranged priority funding of up to Rs 1,600 crore for the construction and completion of the projects.
In May 2023, the Supreme Court accepted the resolution plan that Supertech Limited submitted to the NCLAT.
Earlier, NCLAT ordered insolvency proceedings in only one of the housing projects, Eco Village II, with the condition that Supertech Limited would carry out construction.
The court appointed Mr Hitesh Goel as an Interim Resolution Professional (IRP) to oversee Supertech's projects. The Quint has contacted Mr Goel and Supertech Ltd regarding the ongoing issues. Their response is awaited.
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