‘It was my retirement plan, dream home’: Why Noida homebuyers are finally seeing hope for Supertech’s Supernova

Last year, the apex court had appointed the three-member committee to oversee the Corporate Insolvency Resolution Process (CIRP) of M/s Supertech Realtors Pvt Ltd, which is caught in a series of litigations by homebuyers and others over its ambitious mixed-use Supernova project in Noida’s Sector 94.

The project has four components: Spira (a mix-use property), Nova East and West (residential), and Hypernova mall. The mall connects all three towers. The tallest is Spira. According to officials, it has 72 floors and around 60 have been constructed.

Kundra had invested in a studio apartment on the 38th floor in Spira — it was his retirement plan. While he got possession in 2022, the lack of promised amenities has been a sticking point.

“… I invested in it because the builder had promised that the studio apartments would eventually be run as part of a hotel-chain model that would generate rental income. But instead of money being generated, I’m paying Rs 10,000 every month as maintenance despite receiving almost no amenities.”

Kundra, one of the founding members of SOTF (Spira Owners Task Force), added that tenants also leave in a few months citing lack of amenities. “While some units are now rented, essential amenities and fire safety systems are not up to standard.”

He also said homebuyers are yet to receive occupation certificates. “You could say it is more of a showpiece. The builder pressured us into taking possession by claiming that the Occupancy Certificate had already been applied for and would arrive within a few months. Trusting that assurance, we took physical possession in 2022.”

Anant Rastogi (37) said his 62-year-old mother had put her entire savings to pay 98% of the purchase money to buy a 650-sqft office space on the 58th floor in Spira in 2018, and was promised possession by 2023.

“When the project stalled, we sent emails, messages and made calls to the builders. They either didn’t respond or told us there was a shortage of labour or funds…,” he said. “The space was a retirement safety net for my mother.”

He said he hopes a new builder is finalised in six-eight months and that the construction is completed by 2-2.5 years.

For Karan Kakkar, this was the best location for his dream house — he and his family live in a 4-BHK in Spira. “… Our location cannot be better than this as the Metro is hardly 100 metres away… my wife used to ask why I moved the family here,” he rued.

He said they shifted from Delhi to Noida two years ago but are yet to get amenities such as parking, a club house and a swimming pool. They are awaiting an occupational certificate as well.

“The other towers have an Apartment Owners’ Association, but we don’t have anything. Of a total of 78 flats, only four-five owner families live in Spira, apart from tenants. Currently, we’re parking our vehicles near the Hypernova mall… as they have still not constructed the ramp connecting the ground floor to the basement,” he said.

He said the project should be re-started as soon as possible. “Construction began in 2012,” he said. “Ab toh vanvaas hogaya hai poora 14 saal ka phir bhi complete nahi hua hai (Now it feels like I’ve gone into exile — a full 14 years have passed, and it still hasn’t ended).”

In its December 16 order last year, a bench of Chief Justice Surya Kant and Justice Joymalya Bagchi said it was setting up the panel in exercise of its powers under Article 142 of the Constitution “to do complete justice”.

The SC panel has also commenced verification of records of 497 homebuyers of Nova East and Nova West through a Registration Requisition Form. After the verification process, details of eligible homebuyers are being forwarded to the Noida Authority to enable the execution of Tripartite Sub-Lease Deeds.

The committee also initiated a comprehensive structural audit of key buildings, which includes Spira Tower and Hypernova Mall, in consultation with the Central Building Research Institute (CBRI), Roorkee.