Kotak Investment Advisors has agreed to take over the long-delayed Supernova project in Noida, providing critical financial support to revive the stalled development by Supertech Realtors Private Limited, a subsidiary of the Supertech Group. The project, marred by financial difficulties, came under scrutiny when the National Company Law Tribunal (NCLT) ordered Supertech to resolve its financial disputes with creditors.
On July 12, 2024, the Noida Authority granted crucial approvals to Kotak’s proposal, including a three-year construction extension due to delays caused by the pandemic. Kotak will inject ₹450 crore into the project for construction, with an additional ₹310 crore earmarked for repaying existing lenders. The infusion aims to complete the remaining tower, Spira, which will join three other completed towers in the ambitious Supernova development.
This financial lifeline comes after Supertech Realtors entered insolvency proceedings, initiated by the NCLT following a ₹150 crore default to the Bank of Maharashtra. Despite selling significant parts of the project, Supertech owed the Noida Authority ₹3,319 crore in land dues, a figure that had accumulated despite numerous notices and delays.
The rescue package includes an escrow account to ensure transparent handling of funds and the settlement of dues to the Noida Authority. Kotak’s role also extends to paying ₹50 crore upfront to the authority and managing revenues through asset sales in the project.
The Supernova project, which includes luxury apartments, offices, and a hotel, was envisioned to become one of the tallest skyscrapers in Delhi-NCR at 300 metres. Now, with Kotak’s support and Noida Authority’s oversight, the project is expected to regain momentum and deliver long-awaited justice to homebuyers who have been caught in the delay.
