SC directs Supertech on refund to homebuyers

By Accommodation Times Bureau


In a move to provide relief for home buyers, Supreme Court on this Monday has asked the real estate firm Supertech Ltd, to deposit Rs 7 crores by September 5, 2018, to refund 111 home buyers, who had taken loans from banks and opted out of its construction project in Noida.

A bench headed by chief justice Deepak Misra asked the realtor to pay back the home buyers in its Emerald Towers project, comprising 40-storey residential buildings by depositing the balance amount of Rs 13 crores by November end.

The apex court said as far as 24 home buyers are concerned, who are insisting on 14 per cent interest, they are directed to accept the proposal as per the assessments of the amicus curiae. Advocate Gaurav Aggarwal, who has been appointed amicus curiae in the case, told the court that to satisfy the claim of 111 home buyers, an estimated amount of 35 crores was necessitated to be deposited, out of which an estimated amount of Rs 15 crores has already been deposited.

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