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SC orders Supertech to deposit Rs 10 cr to refund buyers in one of its project

Team SoOLEGAL 21 Feb 2018 2:32pm

SC orders Supertech to deposit Rs 10 cr to refund buyers in one of its project

New Delhi: In another setback to real estate major Supertech,the SC bench lead by Chief Justice Dipak Mishra ,ordered the company to pay additional 10 crore towards interest to home buyers who have opted out of towers Apex  and Cayane in the Emerald Court Housing project in Noida.

This was directed after Amicus curiae Gaurav Agarwal told the court that the amount of Rs 20 cr deposited earlier has been used up by refunding 164 home buyers who have withdrawn from the project and additional money is needed to pay interest on this amount.

The Allahabad High Court in 2014 had ordered the demolition of the two 40-storey residential twin towers --Apex and Ceyane -- in Noida and directed Supertech to refund money to homebuyers with 14 percent interest in three months as the construction of these towers was found to be in violation of all civil norms .

Following this, pleas were filed before the Supreme Court in successive months, to which the apex court clarified that the demolition would take place if the buildings were constructed without a proper sanction.However SC granted stay on immediate demolition.

In August last year, the top court said if the homebuyers, who have invested and want to come out of the project, they can come out of the same, while those who want to stay in the project, can do so as the builder has also challenged the high court's order.The advocates appearing for home buyers M Shoeb Alam and Suchit Mohanty pleaded to the bench to order interest penalty for all set of buyers.Where as the advocates appearing for the company,Vikas Singh and Keshav Mohan, wanted the court to decide on the legality of the towers.

April 16 has been fixed as the next date of hearing by the court.




Tagged: SC   Supertech   Emerald Hosing project   Allahabad High Court  
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