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Supreme Court orders Supertech to deposit Rs 10 crore more to refund buyers

The apex court had on February 16, 2015 directed the Supertech to refund money to flat owners, saying, "Developers can't take investors for a ride."

By: Express Web Desk | New Delhi |
Updated: February 20, 2018 9:59:50 pm
SC orders Supertech to deposit Rs 10 crore more to refund investors The Supreme Court on Tuesday ordered real estate firm Supertech Ltd to deposit Rs 10 crore towards refunding home buyers (Express Photo/Gajendra Yadav/File)

The Supreme Court on Tuesday ordered real estate firm Supertech Ltd to deposit Rs 10 crore towards refunding home buyersThe court was hearing petitions filed by the investors, who sought refunds after the Allahabad High Court directed that the Emerald Towers project, which has twin 40-storey residential buildings in Noida, be demolished.

A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud also took note of the plea of the real estate company that its appeal against the High Court order be heard in order to put to rest the entire dispute as to whether the towers were legal or should be razed.

The court asked its registry to take assistance of the amicus curiae in disbursal of interest to the home buyers on ‘pro-rata’ basis. It also asked the real estate company to keep paying the EMIs on behalf of those home-buyers who have not opted out of its housing projects in question. “Having appreciated the controversy, we direct that the petitioner – Supertech Ltd shall pay the EMI, so that the home-buyers do not get any kind of notice from bank(s),” it said.

In 2014, the HC had ordered the demolition of two under-construction towers, named Apex and Ceyenne, after finding it in violation of the UP Industrial Development Area Act, 1976, and the UP Apartments Act, 2010. More than 600 of the 857 apartments in the towers were already sold at this point. The HC further ordered Supertech to refund the investors with an additional 14 per cent interest.

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(With inputs from PTI)

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