Supreme Court directs Supertech to refund money to buyers in Noida twin towers

The Supreme Court has ordered renowned builder Supertech to refund money to the people who had booked flats in its two 40-storeyed buildings located in Emerald Court, Sector-93 A project property at Noida.

The order is applicable to all those people who had accepted Supertech’s refund offer till April 30, 2014. Supertech has been asked to refund the principal amount to investors by August 30 2014. The company has also been directed to pay 14% interest on the principal amount by October 30 2014.

SC also asked the developer to offer alternative flats to all the flat owners who did not opt for refund option. On April 11 2014, the Allahabad High Court had ordered the demolition of the two towers of Supertech as it was flouting building norms. The high court had also asked the company to refund money to flat buyers. Later, the Supreme Court had put a stay order on the demolition of towers but it had refrained Supertech from selling or transferring the flats.

The two 40-storeyed buildings of Supertech, Apex and Ceyane, have 857 flats of which approximately 600 flats have already been sold. Of 600 flats owners approximately 53 people have asked the builder to refund their money. This Supereme Court order will have widespread implications.

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