Supertech to start repaying Noida twin tower homebuyers from Jan 18

Noida real estate company Supertech told the Supreme Court on Monday (January 17) that it has calculated the refund amount due to be paid to people who bought properties in the 40-storey ‘Emerald Court’ in Noida. The company said that it has sought account details of homebuyers and will start transferring the money from Tuesday (January 18) morning.

On August 31 last year, the top court had ordered the demolition of Supertech Ltd’s twin 40-storey towers under construction within three months for violation of building norms in “collusion” with NOIDA officials, holding that illegal construction has to be dealt with strictly to ensure compliance with the rule of law. More than 250 buyers are yet to receive their money back.

Supertech’s readiness to pay the homebuyers on Monday was in response to the SC’s January 12 verdict, warning the company directors to return the money to homebuyers by January 17 or be prepared to go to jail.

“They (buyers) shall give us their details and we will RTGS,” a company spokesperson said in the apex court on Monday.

The bench of Justice D Y Chandrachud and Justice Surya Kant on Monday gave one week for Supertech to enter into a contract with demolition company “Edifice” to raze the twin tower. The bench told senior advocate Parag Tripathi, appearing for Supertech Ltd., “The contract (with a demolishing agency) shall be executed no later within a period of one week from today”. The developer told the court that it has agreed to the agency finalised by Noida Authority.

Also read: Citing ‘collusion’, SC orders demolition of Supertech towers in Noida

“We are currently in process of getting NOCs for the demolition,” Supertech’s lawyer told Supreme Court.

The top court refused to give more time to Supertech Ltd for entering into a contract with Edifice despite the repeated insistence of Tripathi saying that the No Objection Certificates (NOCs) can be obtained subsequently.

The top court had directed that the entire amount of home buyers be refunded with 12 per cent interest from the time of the booking and the RWA of Emerald Court project be paid Rs 2 crore for the harassment caused due to the construction of the twin towers, which would have blocked sunlight and fresh air to the existing residents of the housing project adjoining the national capital

The case will be heard next on January 21.