Noida: Good news for Supernova buyers, registry to begin soon, learn details

News Topical, Digital Desk : Great news has arrived for flat buyers of Supertech Supernova, a highly acclaimed real estate project in Noida, Uttar Pradesh. Hundreds of buyers, who had long been struggling with registration issues, have received significant relief from the Supreme Court. Following the top court's order, the path to registration in the Supernova project has now been completely cleared. Buyers are hailing this decision as a historic and landmark decision.

There are a total of 583 flats in Supernova's East and West Towers, of which 85 have been registered so far. Following the Supreme Court's order, the remaining 497 flat buyers have also hoped to obtain ownership rights soon. Registration, which had been stalled for years due to legal complications and administrative hurdles, will now be initiated on a priority basis, bringing relief and joy to hundreds of families associated with the project.

Order to constitute a new committee

In a significant decision, the Supreme Court dissolved the IRP appointed as part of the ongoing insolvency proceedings for the project and ordered the formation of a new committee. This committee will be chaired by retired Chief Justice of Jammu and Kashmir, M.M. Kumar. The committee also includes an official from the SCLT and a former chairman of the NBCC. The court clarified that Supertech Builders will no longer have any role in the project. The new committee will oversee the project's completion, monitor construction, and select a new developer, if necessary.

Buyers' interests are paramount

The court, while prioritizing the interests of flat buyers, also directed that registration be given top priority. Any funds received from the project will first be used to complete construction and buyer-related tasks. Bank dues will then be paid, and finally, if any remaining amount remains, the Noida Authority's dues will be paid. The court clearly stated that the authority's outstanding dues of approximately ₹3,300 crore will not hinder the registration of flat buyers. It

is noteworthy that buyers of Supernova East and West, frustrated by the delays in registration and the builder's irregularities, first approached the NCLT and then the NCLAT. Despite the ruling in their favor, the registration matter remained stalled, leading the buyers to file a petition in the Supreme Court. According

to reports, Naresh Nandwani, associated with the AOA, described the Supreme Court's decision as a major victory for buyers. He stated that this decision is not only a relief for the residents of Supernova, but will also set an example for the entire Noida region. Now soon the registration process will be started by setting up special camps through the authority, which will end the wait of years.

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