Stiff Dues Of 5,600cr Hang Over Supertech, Real Estate News, ET RealEstate

June 29, 2023

NOIDA: The Supertech group has Rs 5,600 crore dues with the UP government just for its land allotments in Gautam Budh Nagar by the three development authorities, which adds significantly to its liabilities as it faces fresh headwinds after chairman RK Arora’s arrest by the Enforcement Directorate earlier this week.

Supertech’s flagship mixed land-use project, Supernova – one of the tallest buildings in the country – alone has a debt of Rs 1,966 crore to the Noida Authority. Supertech’s total dues with the Noida Authority are around Rs 3,100 crore, to the Greater Noida Industrial Development Authority Rs 1,429 crore, and to the Yamuna Expressway Authority Rs 1,100 crore.

Two projects in Noida – Supertech Capetown in Sector 74 and Ecociti in Sector 137—are in the National Company Law Tribunal (NCLT). Capetown has dues of Rs 704 crore, while Ecociti owes Rs 124 crore. Its big commercial venture—besides the mixed-use Supernova—E Square in Sector 96 has dues of Rs 277 crore.

In Greater Noida, the company has four residential projects and one commercial project. Among these, Ecovillage 2 in Sector 16B, a residential project, is in the NCLT and has dues of Rs 310 crore. Its Sports City project has significant dues of Rs 637 crore.

In the Yamuna Expressway area, Upcountry in Sector 17A and Supertech Township in Sector 22D – each spanning 100 acres – collectively have dues of more than Rs 1,000 crore. Upcountry is in NCLT.

Officials said despite multiple notices issued, the dues are yet to be recovered. Supertech officials did not comment on the matter.

Apart from Gautam Budh Nagar, Supertech has projects located in Ghaziabad, Gurgaon, Meerut, Moradabad, Dehradun, Haridwar, Rudrapur and Bengaluru.

  • Published On Jun 29, 2023 at 09:34 AM IST

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