Supertech ready to refund money to affected apartment buyers

Realty firm Supertech today said it is ready to refund money to over 600 apartment buyers affected by the Allahabad High Court order to demolish the company's two 40-storeyed towers in Noida.
"We will refund money to those buyers who will approach us for the refund of their investments," Supertech Chairman and Managing Director R K Arora told PTI.
Asked if the court's decision had affected sales, he said: "There is not much impact."
The Noida Authority yesterday 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 court ordered the demolition of the two buildings in Noida and the refund of money to apartment buyers in response to a petition that alleged their construction had violated the law.
Supertech will move the Supreme Court next week, challenging the high court order, Arora said.

He maintained that construction of the towers was according to the approved plan and was authorised.
A division bench comprising Justice V K Shukla and Justice Suneet Kumar ordered the demolition of the two towers erected in Sector 93-A of Noida as part of the Supertech Emerald Court Complex "within a period of four months."

The complex has residential premises and shopping establishments.
The court also ordered that money be refunded to all those who had invested in the two towers "with 14 per cent interest compounded annually."
The judgement was passed while allowing a writ petition of the Emerald Court Owners Resident Welfare Association, which alleged that the approval and construction of the towers was "in complete violation of the UP Apartment Acts."
The petitioner claimed the Noida Authority had given permission to raise the height of the towers, which were supposed to have only 24 floors, without maintaining the mandatory distance of 16 metres from an adjoining building block, making it "unsafe, apart from blocking air and light.