Buyers of flats at the two Emerald Court towers, that face demolition according to an April 11 order passed by the Allahabad High Court, plan to meet the developer, Supertech, with a new set of proposals in the coming week. ‘
These proposals will revolve around modalities of payment of installment and interest, after three options were thrashed out in a meeting on Saturday.
The flat buyers can either opt for a cash refund at 14 per cent compound interest as ordered by the High Court or shift to any ongoing Supertech project that is proportionate with the investment in the two towers in question. The third option is to wait and continue in the same project.
M S Chhikara, a flat buyer and the spokesperson for the group of affected buyers, said those affected by the order were meeting “internally” and would meet representatives of Supertech in the next week as well.
“While Supertech had agreed in principle to the three options that we worked out, there are several other modalities. If there are people who stick by the project while Supertech approaches the Supreme Court, the builder cannot charge them payments and interests. They cannot charge us for a project that may never see the light of day,” Chhikara said.
Buyers also said they wished to be party to any case related to the matter that was likely to come up in the Supreme Court. “The builder has repeatedly told us that there will be an appeal in the Supreme Court. As people who will be deeply affected by any decision on the subject, we wish to be party to the case. Our stand is clear. If Supertech has intentionally done any wrong, we had no part to play in it. In fact, we did not even know of a legal tangle,” another buyer said.
Others also said even if they were to choose the second option — to go for a flat in another Supertech project — there were issues to be sorted out.
“We will have to meet Supertech to figure out where these flats will be and what complications they will bring. We were expecting delivery of flats in the two towers very soon, and we will have to find out how much time delivery of new flats will take,” R K Singh, another buyer, said.