Supertech to refund money to flat owners as per SC order

New Delhi: Realty firm Supertech Wednesday said it will comply with the order of the Supreme Court to return money to flat buyers who have sought refund.

The Supreme Court today directed Supertech to give back money within a month to flat owners who had sought refund of their investments after Allahabad High Court ordered demolition of the company's 40-storey residential twin towers Apex and Ceyane in Noida.

"We will comply with the orders of the Supreme Court to return the money to all those allottees who exercised their option for refund by April 30, 2014," Supertech Chairman and Managing Director R K Arora said in a statement.

"We had sought options from allottees whether to get refund of their money or to get alternative flats in other projects, to be exercised up to April 30, 2014. Accordingly, the options received up to April 30, 2014 shall be disposed off as per the orders of the Supreme Court," he added.

On April 11, the Allahabad High Court had ordered demolition of the two towers and directed the company to refund money to home buyers.

The two towers - Apex and Ceyane - have a combined 857 apartments, of which about 600 flats were sold. The towers are part of Supertech?s Emerald Court project.

There are around 53 allottees out of around 600 who had sought refund of their amount after HC order.

Source: http://zeenews.india.com/business/realestate/latest-news/supertech-to-refund-money-to-flat-owners-as-per-sc-order_105086.html