Lifestyle

Deposit Rs 10 crores, to refund the investors: SC to Supertech

[ecis2016.org] The Supreme Court has directed real estate firm Supertech, to deposit Rs 10 crores for refunding money to the investors, who want to opt out of its Emerald Towers project in Noida

A Supreme Court bench, comprising justices Dipak Misra and AM Khanwilkar, on August 14, 2017, asked Supertech to deposit Rs 10 cores by September 22, 2017, in the apex court registry, while rejecting the request of senior counsel Salman Khurshid, appearing for the real estate firm, to reduce the amount.

You are reading: Deposit Rs 10 crores, to refund the investors: SC to Supertech

“How many cases will these people (investors) file? They have spent their lives, their earnings to get a house,” the bench said, while adding that the deposited money would be refunded to the investors, who want to opt out of its Emerald Towers project in Noida, on a ‘pro-rata’ basis.

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Meanwhile, Khurshid told the bench: “We (Supertech) have already paid 107 crores to the investors. Now, we are bleeding. This amount (Rs 10 crores) is too much. Please make it Rs five crores,” he said. While requesting the apex court to reduce the amount to be deposited with the registry, he said, “This is one company, which has delivered projects on time. Thousands of flats were given last year and even this year.”

To this, the bench observed, “Your construction may be complete but there may be violation of rules. That is why these people want to get out of this. You first deposit the money. Then, we will see what is needed to be done,” the court said. The apex court said that first, the principal amount would be given to the investors and then, the issue of interest and compensation component would be decided.

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The apex court had earlier said that if the two 40-storey residential buildings in Noida were constructed without a proper sanction, these would be demolished. The bench is hearing pleas against the Allahabad High Court’s April 11, 2014 verdict, ordering demolition of the two 40-storey residential twin towers -Apex and Ceyane – in Noida and directing Supertech to refund the money to home buyers, with 14 per cent interest in three months.

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The towers have 857 apartments, of which about 600 flats have already been sold. The counsel appearing for the Noida Authority had earlier told the bench that the sanctioned plan for the building was in accordance with the guidelines and it was aggrieved by the high court’s finding in this regard.

Earlier, the court had directed Supertech to give back money to flat owners, who had sought refund of their investment, after the towers were directed to be demolished by the high court.

It had asked the National Buildings Construction Corporation (NBCC) to submit its report after inspecting Supertech’s Emerald Towers, to ascertain whether the two 40-storey buildings were built in a green area, in violation of the sanctioned plan. The NBCC, in its report filed in the court had said, “The open space available between the two towers Tower 1 (Aster 2) and Tower 17 is less than 20.45 metres, as prescribed in the NBC rules. Thus, from the above observations and inferences, the NBCC concludes that the two towers, Tower 1 (Aster 2) and Tower 17 are not compliant with the REG 24.2.1(6) of the Noida Building Regulations 2010.”

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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