Supertech insolvency: Homebuyers left in the lurch

Rahul Srivastava bought a flat in tower D7 of Supertech’s Eco Village 3 at Greater Noida, in 2013. “We were promised possession from June 2015, and we are still waiting. They have given possession of some parts, but the part that we booked the flat in is still under construction. I keep visiting the property, and they keep extending the period. They say they will give units to customers by March 31. They have mentioned this on a hoarding at the building. I was hoping I will hear something from them, but before that, I got this news about the insolvency,” he said.

“I’m sure they will not deliver now,” said Srivastava, who is worried that the builder is likely to stop construction since it would involve expenses. He plans on visiting the site Saturday to figure out if construction is still underway. “The only thing I know is that I will have to ask my bank if I can stop my EMI since the builder won’t work anymore. If they don’t agree, I’ll have to consult a lawyer, because I have been paying EMIs for nine years now and still don’t have a flat. I’ve already suffered a lot of loss,” said Srivastava, who lives in Noida on rent.

Similar is the condition of 35-year-old Lakshay Arora, who booked a flat in Supertech Hill Town, Sohna Road, in 2016, but has not got possession of it yet. On the insolvency, Arora said he as well as others are worried. “I’m thinking about whether we’ll get our money back at all and how. At this point, I don’t think we’ll get the property. The insolvency process is very lengthy, and I don’t know if the rights of the homeowners will be prioritised or if the banks will be prioritised.”

For Faizan Hussain (23), in whose sister’s name a flat was booked at Eco Village 3 in 2010, the tower of the flat hasn’t been made yet. “We were promised possession by 2016. They’ve had a structure for the tower ready for years, but no progress has been made on further construction,” said Hussain, who filed a case with the RERA against Supertech in 2019, after which Supertech promised to give possession of five floors at a time, by 2021, but that has not happened either. On the insolvency, Hussain said, “I am very worried, we’ve been living on rent for so many years despite booking a house in 2010.”

Many buyers like Abhai Pratap Singh and Akhil Shrivastava had purchased flats in 2017. While Singh purchased at Hill Town and was supposed to have received it in 2018, Shrivastava bought a flat at Supertech Hues, Gurgaon, in 2017, and was promised possession in 2020. “Construction has been going on, but at a very slow pace. I have been living on rent, and that should be a part of the reimbursement provided to us,” Singh said.

Akhil Shrivastava said, “I went to the site the week before last. Nothing is happening there. They had asked me to swap flats and move to one of their properties in Noida. But I refused. I am paying loan EMIs for a flat which I have no idea when I will get.”

(Malhar Mishra is an intern at The Indian Express)