Supertech to deposit Rs.10 crore with SC to refund Emerald Towers homebuyers


The Supreme Court has directed Supertech developers to deposit Rs 10 crore for refunding money to the homebuyers, who want to opt out of its Emerald Towers Project of Supertech located in Noida.

The bench comprising of Justices Dipak Misra and A M Khanwilkar ordered Supertech to deposit the money by September 22 in the Supreme Court registry while rejecting the request of senior counsel Salman Khurshid, appearing for the Supertech, to reduce the amount.

“How many cases will these people (homebuyers) file? They have spent their lives, their earnings to get a house,” the bench said while adding that deposited money would be refunded to the investors on a ‘pro-rata’ basis.

After which, Khurshid told the bench that Supertech has already paid Rs 107 crore to the investors and depositing Rs 10 crore would be “too much” for it.

“We (developer) have already paid 107 crore to investors. Now we are bleeding. This amount (Rs 10 crore) is too much. Please make it Rs five crore,” Khurshid said.

While requesting the Supreme Court to reduce the amount to be deposited with the registry, he further added, “This is one company which has delivered the 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 Supreme 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.

The Supreme 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 of April 11, 2014 verdict ordering demolition of the two 40-storey residential twin towers–Apex and Ceyane–in Noida and directing Supertech to refund money to homebuyers with 14 per cent interest in three months.

The towers have 857 apartments, of which about 600 flats have already been sold.

The counsel appearing for 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 ordered Supertech to give back money to homebuyers who had sought refund of their investment after the towers were directed to be demolished by the high court.

The court asked 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 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, NBCC concludes the opinion that the two towers, Tower 1 (Aster 2) and Tower 17 is not compliant with the REG 24.2.1(6)of Noida Building Regulations 2010.”

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