Supertech gets Rs 293 crore recovery notice for Cape Town project

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Supertech gets Rs 293 crore recovery notice for Cape Town project

Noida (Uttar Pradesh) [India], Oct 23: The Noida Authority has issued a recovery certificate against Supertech Ltd, saying real estate major defaulted on the payment of Rs 253 crore in principal amount for its Cape Town project in Sector 74 of Noida.
The project, which started in 2010, is complete and residents have started moving in. The total dues to the authority are Rs 293 crore, including interest amount of Rs 40 crore. Officials said the authority sent several reminders to the real estate firm but the company showed no intent of paying up. Hence, the recovery certificate has been sent to the district administration.
Supertech representatives said the project was delayed due to a case before the National Green Tribunal and the company was assured by the Noida Authority that the interest amount will be reduced. However, no such relaxation came. Authorities can now recover the dues by seizing the property of Supertech.
The group housing plot has 40 towers of 22 to 24 storeys each. Of this, construction of 35 towers has been completed and possession has been given to 4,000 people. Finishing work is being completed in five towers in which the work of giving possession will be started to investors in the next three months.
A 66-storey tower is being erected as North Eye inside this project, which is to be given in 2021. The project includes construction of a nursing home and a school.
Sources: ANI

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