After four long years of legal battle, the Supreme Court has finally ordered Supertech builders to refund the invested money of 135 home buyers of the controversial Emerald Court housing complex in Noida.
This came as a huge relief for the house owners as the builders will now have to refund their invested money by depositing Rs. 35 crore along with 12 percent simple interest by November 30.
A bench of Chief Justice Dipak Misra, Justices A M Khanwilkar and D Y Chandrachud ordered Supertech to deposit the balance Rs. 15 crore with an interest amount of Rs. 1 crore to be paid in two instalments – Rs. 7 crore by September 5 and remaining by the end of November. Supertech had already paid Rs. 20 crore in the past.
The court was informed that out of the 135 home buyers, 111 have already submitted affidavits agreeing to receive the invested amount with a simple interest of 12 percent per annum. The rest 24 home buyers want 14 percent interest on their invested money from the housing project of Supertech.
However, the bench is now urging the 24 home buyers to resort to 12 percent interest. The counsel of Supertech, Keshav Mohan, has also agreed to the time schedule for depositing Rs. 21 crore in two installments by November 30.
The Allahabad High Court had ordered the demolition of the 'Apex' and 'Ceyane' towers of 40-storey in Emerald Court Complex in Sector 93A of Noida on April 12, 2014. The order was passed after the court found that the builder had flouted every conceivable rule, including building regulations, by joining hands with development authority officers.
Later, the SC stayed the demolition of the buildings after an appeal was filed that challenged the order, but has now asked the builder to refund the amount with interest to the home buyers who invested in Supertech's housing project.
