Homebuyers at 18 unfinished Supertech projects stuck in limbo: 'Govt failed to act'

The Enforcement Directorate’s Tuesday move to take into custody Supertech Limited’s chairman RK Arora in connection with a money laundering case, has prompted another plea for help from thousands of homebuyers who have bought flats in 18 realty projects of the company that are stuck.

- Vinod Rajput

“Arresting Supertech’s chairman for some days will not deliver justice to us nor will we get delivery of our units. The big question is why the local authorities or the Uttar Pradesh government failed to act on time, take action against the realtor,” said BN Gupta, a buyer of a flat in Supertech Upcountry.

At least 80% on this project is complete, but the company cited a funds crunch as the reason for its inability to complete work. Then there are other projects where buyers have got possession of partially-completed flats but are unable to register them because the developer hasn’t made mandatory payments to local development agencies. The split is almost equal -- around 10000 buyers are affected by incomplete projects and another 10000 by their inability to register flats.

And in many cases there is a link between the two kinds of problems.