Buyers give Supertech three options: Move SC, provide alternative homes or refund with interest

Home buyers of Apex and Ceyane towers at the Emerald Court Complex on the Noida-Greater Noida Expressway in the meeting with Arora sought clarity on the issue and demanded an assurance from the builder in writing.

“We will have another meeting tomorrow and many more after that to ascertain what exactly should be the plan of action. As of now, there are three proposals doing the rounds,” spokesperson for the home buyers M R Chhikara said.

After the Allahabad High Court’s order stating that the twin 40-storey towers be demolished, Supertech had said it would move Supreme Court and claimed that the projects had fully complied with all rules.

The two towers house 857 flats, of which almost 600 have been sold. According to Supertech, it has collected about Rs 180 crore from the 600-odd home buyers and construction has amounted to around Rs 70 crore.

While a number of home buyers continued to state that they wished to get an “opportunity to be heard” by the Supreme Court, there were others who put forth another option. “Currently the market rate of these apartments is over Rs 6,000 per square feet. Some home buyers want their dream homes and are willing to take up houses in different projects with the same market rate, Chhikara said.

According to home buyers, when the units were first sold in the two towers in 2009, the rate per square feet was Rs 2,600. In the last five years, it has increased to Rs 6,000 per square feet.

Meanwhile, a third section of buyers said they were willing to accept the Allahabad High Court’s recommendation of a refund from the builder at 14 per cent compound interest calculated annually.

“We are sick and tired of this entire episode. We have lost faith in Noida Authority and we just want to be let off, so that we can live in peace elsewhere,” A K Yadav, who had invested in a two-bedroom flat in the complex, said.

A Supertech spokesperson said legal opinion is being sought on the issue and the interests of the home buyers will be the company’s top priority.