Supreme Court Asks Supertech to Refund Flat Buyers
The Supreme Court on Wednesday directed real estate developer Supertech to refund money to flat owners who had booked apartments in its two 40-storeyed buildings in Emerald Court project in Noida.
This is applicable to those flat owners who had accepted Supertech's refund offer by April 30, 2014. The top court also asked Supertech to provide alternative flats to buyers who wanted to swap flats.
Supertech has to refund the principal amount to flat owners by August 30 and pay 14 per cent interest on the amount by October 30.
On April 11, the Allahabad High Court ordered the demolition of the two towers over flouting of building norms and the refund of money to apartment buyers. But the Supreme Court had later stayed the demolition but refrained Supertech from selling or transferring the flats.
The two towers, Apex and Ceyane, together have 857 apartments. Of these, about 600 flats have already been sold.
Slamming Supertech, the top court said flat owners can't wait indefinitely: "You continue to have their money and not able to give them flats. They can't be running to courts."
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