Supertech Twin Towers’ Demolition By May 22, Homebuyers’ Refund Deadline Ends Today; Details Here

Noida Authority informed the Supreme Court today that demolition of the illegally raised twin 40-storied towers of real estate developer Supertech in Noida will be completed by May 22. It has further informed that work on the demolition has already started.

The court on August 31, 2021 had also ordered the demolition of the structures located in Sector 93A within three months. The construction violated the minimum distance requirement and had been built illegally without taking the consent of the individual flat owners as required under the UP Apartment Act, the top court added.

On January 17, the top court had approved the proposition for the demolition agency finalised by the Noida Authority. Supertech was asked to sign a contract with the agency, “Edifice”, within a week.

Deadline for Supertech to Refund Money to Homebuyers Ends Today 

Also, today, February 28, is the last day for Supertech to give the refunds for its twin 40-storey towers in the Emerald Court housing project in Noida.

The Supreme Court on January 21 directed Supertech Ltd to refund with interest all homebuyers still invested in the Noida Twin Towers project by February 28. The real estate company has to pay back those that filed a contempt petition before the court as well as those who did not.

The Supreme Court accepted the computation of the refund amount arrived at by the amicus curiae Gaurav Agrawal, assisting the court in the matter, but rejected the formula suggested for appropriation in the refund amount by Supertech Ltd and said that representatives of the builder, homebuyers and the amicus curiae should together thrash out the payment modalities.

The developer Supertech Ltd shall refund amounts which are due and payable in terms of the computation which has been made by the Amicus Curiae on or before Feb 28, 2022, the apex court said.

The apex court had on August 31, 2021, directed that the entire amount paid for by homebuyers be refunded with 12 per cent interest from the time of the booking and the Residents Welfare Association be paid Rs 2 crore for the harassment caused due to the construction of the twin towers.

Earlier, the court had pulled up the builder for not complying with its orders of refunding homebuyers who bought flats in the twin towers in Sector 93 of Noida and warned that its directors will be sent to jail for “playing truant with the court”.