Investment Injected to Complete Construction of 300-Meter Building in Noida, India

Supernova. Image copyright Supertech.

04 September 2024 | Noida, India

After starting construction and being put on hold, the 300-meter Supernova Spira in Noida, India will receive funding from Kotak Investment Advisors Ltd to clear not only bank dues owed by the developer but to also complete the remaining construction of the building. This will also provide a road map allowing new homebuyers to purchase residential units in the mixed-use high-rise.

Originally started in 2012, the project met bumps in the road, and on 12 June 2024, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against the property after claims that the developer had defaulted on a payment. The developer responded that they were in talks with investors to settle the dues and complete the project and on 3 July 2024, further proceedings were halted after an appeal and further negotiations.

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The investor must provide detailed information on the construction that still needs to be completed, the pricing for the remaining units and the expected revenues of each sale.

The Supernova Spira is the last building needing to be completed in the development complex that consists of four high-rise buildings. The other buildings were completed in 2018 and 2021.

Learn more at the Times of India.