Apex Court warns Supertech to return money of homebuyers of twin tower

The Supreme Court on Wednesday, January 12, 2022 gave a warning to Supertech builder to return the money of the homebuyers who invested in the 4 storey twin tower project.

The bench was headed by Justice D.Y. Chandrachud and he said, "We will send your directors to jail now! They are playing truant with the Supreme Court! Interest cannot be charged on Return of Investment! You are looking for all sorts of reasons to not comply with the order of the court. Ensure that the payments are made by Monday, else there would be consequences."

The home buyers of 40 story Emerald Court twin tower project alleged that the Supertech invited them to collect their money but later, they were informed that the money will be returned back in installments with certain deduction which is not indicated by the court.

Anish Sharma, Real Estate Lawyer and the advocate of Homebuyers of Supertech Emerald says, "Various petitions have been filed by the buyers of these twin towers. These buyers have not been paid money. As per court order, Supertech has to pay 12 per cent interest on the reimburse amount. The bench is furious and the builder has been asked to refund the money till Monday, January 17."

The Court also asked Noida Authority to finalise the agency to be entrusted with the task of demolition of the twin towers in the Noida Emerald Court housing project. It directed the authority to respond on January 17.

On this, Sharma says, "The demolition of the towers should happen as soon as possible. The agencies for the demolition of the towers haven't been appointed in four and a half months. There is a lot of laxity enforcement of the judgment. Even the court was very angry as why is this taking so much time."

The Court had directed that the demolition should be complete within three months at its own cost of Supertech limited in the supervision of Noida’s officials. The demolition shall be overlooked by the Central Building Research Institute (CBRI) to ensure the safe demolition.

Udaybhan Singh Tewatia, President of the society says, "The Supertech is trying to delay the demolition as much as possible. Even Noida Authority is  not able to supervise properly."