Supreme Court directs refund of principal amount to Supertech Emerald tower’s homebuyers

Supertech Emerald Court

The Supreme Court on Monday requested its registry to dispense the basic amount of 26 home purchasers who booked flats in a Supertech venture at Noida whose devastation was directed by the Allahabad High Court.

Advocate Gaurav Agarawal, who is helping court as an amicus curiae in this case, said that out of many home purchasers of Supertech’s twin Emerald Towers, 26 have not gotten any refund.

The bench, including Justice A M Khanwilkar and D Y Chandrachud, said that Rs. 20 crore has been deposited with the apex court registry by the real estate giant and cash would be utilized as a part of paying back the investments to the home purchasers who got nothing in return.

Court also requested Amicus Curiae to aid the disbursal.

The issue of interest and deduction of ROI from the principal amount, payable to the home purchasers, would be managed later. said the court.

Advocate Shoeb Alam and Akhilesh Kumar Pandey, representing few home purchasers, said that the home buyers’ interest should be secure.

The bench, which had requested that the amicus curiae set up an online interface to manage grievances of home purchasers on September 22, said that Rs. 2 lakh be paid to Agarawal towards the costs for setting up of the website.

It posted for December 4 the the final disposal of Supertech’s appeal against Allahabad High Court’s April 11, 2014 decision directing destruction of twin towers-Ceyane and Apex-and ordered the realty giant to refund cash to home purchasers with 14 % interest in Apex and 3 months.

Prior to this, the apex court had requested home purchasers to enroll and register their grievances on the website set up by amicus curiae.

It had requested that the amicus curiae incorporate into the online interface all the details of home purchasers of these twin towers, the money invested by them and the refunds made by the company.

Supertech said it had deposited Rs. 20 crore with the apex court registry for returning money to the home purchasers who don’t need flats.

The Supreme court, on August 14, had directed Supertech to deposit Rs. 10 crore for returning money to the homebuyers who want to quit its Emerald Towers venture in Noida.

Before this, it had said that if the two buildings in Noida were built without appropriate endorsement, they would be “demolished”.

The High Court’s decision came on the plea filed by few occupants of different towers who claimed that the twin towers were built on a green territory. The towers have 857 flats, out of which around 600 flats have been sold already.

The counsel for Noida authority had told the court that the endorsed plan for the building was as per the rules and it was aggrieved by the high court’s finding in this matter.

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