SC directs Supertech on refund to homebuyers

By Accommodation Times Bureau

NOIDA

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.

“A lump sum interest of Rs1 crore shall be deposited before the registry of this court, within the said period, to compensate the delayed payments to the 111+24 buyers. The deposited amount, along with interest, shall be disbursed by the registry on a pro rata basis, with the assistance of Gaurav Aggarwal. The registry shall disburse the amount within a period of 10 days hence,” the bench also embracing justices AM Khanwilkar and DY Chandrachud said.

The apex court, in August 2017 had asked the Supertech to deposit Rs 10 crores, for refunding the principal money to the investors who wanted to opt out of its Emerald Towers project. The bench was hearing pleas against the Allahabad High Court’s verdict given on Aprill 11,2014, ordering demolition of the two storey twin towers in Noida. The Allahabad High Court had also directed the Supertech to refund money to buyers with an interest of 14 per cent in three months. Agency input.

 

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