Earlier this month, the empowered committee issued a public notice related to restrictions on sale or transfer of units in the project of Supertech Realtors Pvt Ltd (SRPL).
Supertech Realtors is constructing a mixed-use real estate project ‘Supernova’ consisting of residential, commercial, office space, studio apartment, service apartment and shopping centres in Sector 94, Noida. Around 2,800 property buyers are stuck in this project.
In the notice, the panel, which was formed in December last year, has informed all concerned, including homebuyers, allottees, prospective purchasers, investors, and the general public at large, that a prior written approval is mandatory for “any sale, transfer, assignment, conveyance, or creation of any third-party rights in respect of any unit in the SRPL projects”.
Any past resolution of the Board of Directors authorising sale or transfer of units will not be valid with effect from December 16, 2025.
Any transaction undertaken without the panel’s prior written approval would be treated as null and void ab initio, the notice said.
“Any person entering into such unauthorised transaction shall do so at their own risk, and no right, title, interest, or claim shall accrue or be enforceable against the project, the developer, or any authority,” it added.The panel advised the general public and all prospective purchasers to exercise due diligence and ensure compliance with this requirement.
Earlier, the panel appointed PwC as Transaction Advisor to fast-track the revival of Noida’s stalled Supernova project.
The panel, constituted by the apex court to oversee the resolution of the stressed Supernova Project in Noida, including the iconic Spira Tower, has initiated steps to expedite its revival.
PwC would manage the process of identifying and onboarding a new developer.
The Committee is chaired by Justice M M Kumar, former Chief Justice of the Jammu & Kashmir High Court.