SC directs Supertech Emerald Court give full refund with 14% interest to investors

Supreme Court on Friday directed constitution of an online portal for flat investors in Supertech Emerald Court project by October 23. The court has appointed Advocate Gaurav Aggarwal as the Amicus Curiae.

SC said those flat buyers who want their money back will be refunded.

Flat investors are eligible to be refunded the entire principal along with 14% interest, the apex court said in its judgement on Friday. 

Rs 20 crores has already been deposited with the Supreme Court registry by Supertech.

Read | Noida: Police register cases against Amrapali, Supertech builders for cheating buyers

Earlier, a bench comprising Justices Dipak Misra and A M Khanwilkar asked Supertech to deposit the money by 22 September in the apex court registry while rejecting the request of senior counsel Salman Khurshid, appearing for the real estate firm, to reduce the amount.

“How many cases will these people (investors) file? They have spent their lives, their earnings to get a house,” the bench said while adding that deposited money would be refunded to the investors on a ‘pro-rata’ (proportional) basis.

While requesting the apex court to reduce the amount to be deposited with the registry, he said, “This is one company which has delivered the projects on time. Thousands of flats were given last year and even this year.” To this, the bench observed, “Your construction may be complete but there may be violation of rules. That is why these people want to get out of this.”

The bench was hearing pleas against the Allahabad High Court’s 11 April, 2014 verdict ordering demolition of the two 40-storey residential twin towers--Apex and Ceyane--in Noida and directing Supertech to refund money to homebuyers with 14% interest in three months. The towers have 857 apartments, of which about 600 flats have already been sold.

The counsel appearing for Noida authority had earlier told the bench that the sanctioned plan for the building was in accordance with the guidelines and it was aggrieved by the high court’s finding in this regard. Earlier, the court had directed Supertech to give back money to flat owners who had sought refund of their investment after the towers were directed to be demolished by the high court.

(With Inputs from PTI)