Apex’s Revival Bid for Supertech Projects Brings ₹2,500 Cr Relief Package

In a significant development for over 14,000 distressed homebuyers, NCR-based Apex Group has submitted a revival proposal to the Supreme Court to take over and complete 16 stalled residential projects originally launched by the debt-laden Supertech Group.

₹2,500+ Crore Settlement Plan in Place

As part of the proposal, Apex Group has agreed to clear ₹678 crore in dues to five banks and an additional ₹1,900 crore to Noida, Greater Noida, and Yamuna Expressway authorities. In the initial phase, the company intends to invest ₹500 crore, aiming to complete all pending units within two years of officially taking over.

Apex CMD Satnam Singh Sachdeva stated that the firm would step in as a co-developer, assuming full liabilities of the existing projects. He noted that the projects are financially viable, and revenue would be generated through unsold inventory and customer receivables. Additionally, compensation to affected homebuyers was also assured.

Stalled Project Revival Gains Momentum in NCR

The revival falls under the co-developer model approved by the Uttar Pradesh government and formulated by the Amitabh Kant Committee. This framework enables new developers to take over legacy, incomplete real estate projects.

Prior to Apex's move, other realty firms had begun exploring similar revivals. Nimbus Projects received approval to restart a halted housing project in Noida’s Sector 168, while Hawelia Group is currently working on the Shree Radha Sky Garden in Greater Noida — the first revival project under this policy.

Scope of Supertech Revival

According to Supertech Chairman R K Arora, local authorities have given in-principle approvals for the Apex proposal, and the banks have also agreed to the proposed staggered repayment plan. Final clearance from the Supreme Court is awaited.

Out of 50,962 homes across the 16 Supertech projects, 39,870 units have already been sold. However, only 24,871 of these have been delivered. The remaining 14,999 units are still pending handover. An estimated investment of ₹1,700 crore is needed to complete the sold homes, which is expected to be covered by ₹2,200 crore in pending receivables.

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