SC asks Supertech to refund principal amount to investors

New Delhi: The Supreme Court on Wednesday asked real estate major Supertech to give back within a month the principal amount to those allottees who had applied for refund.

The apex court has also asked Supertech to allot alternate flats to other allottees, who do not want to get a refund.

The case involves refunding of money to flat owners of Apex and Ceyane towers in Noida which were directed to be demolished by Allahabad High Court.

Supertech will tell the court about its options post lunch today.

The court said, "Allottees are entitled for the amount as it is their hard earned money and they can't keep moving court".

The Noida Authority in April this year sealed the two towers -Apex and Ceyane-comprising a combined 857 apartments, of which 600 were sold. The towers are part of Supertech's Emerald Court project.

On April 11, the Allahabad HC had ordered demolition of the two towers and directed the company to refund money to the homebuyers.

The HC order came on a petition of the Emerald Court Owner Resident Welfare Association, which had alleged that the approval and construction of the two towers was "in complete violation of the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Act".

The petitioner also claimed the Noida authority had given permission to raise the height of the two towers, which was earlier supposed to have only 24 floors each, "without maintaining the mandatory distance of 16 metres from an adjoining building block, making it "unsafe, apart from blocking air and light".

With PTI Inputs

Source: http://zeenews.india.com/business/realestate/latest-news/sc-asks-supertech-to-refund-principal-amount-to-investors_105030.html