Page 2 - Supertech

Homebuyers stage protest at Haryana Rera office against builder 'Supertech'

Homebuyers of a realty project staged a protest outside the office of the Haryana Real Estate Regulatory Authority (HERERA) here against the builder for neither refunding the money nor completing the project. Homebuyers of Supertech Hughes project at Sector 68 in the city also met with Union minister and local MP Rao Inderjit Singh and demanded strict action against the builder. They said that all buyers want a refund of their hard-earned money. Homebuyers allege that the Haryana Real Estate Regulatory Authority (HRERA) has directed the builder to return their money for failing to complete the project within the time but the company has not complied with the RERA order. The builder is neither returning the money nor completing the project, they alleged. Possession of flats was due in 2017 but till date flats have not been constructed, a homebuyer, SK Sachdeva, said.

Delhi court sends Supertech chairman Arora to judicial custody till Jul 24

A Delhi court on Monday sent R K Arora, the chairman and promoter of real estate major Supertech Group, to judicial custody till July 24 in a money laundering case. Special Judge Devender Kumar Jangala sent Arora to jail after he was produced before the court by the Enforcement Directorate on the expiry of his 12-day custody. The agency told the judge that it did not require his further custody. Arora was arrested on June 27 under the criminal sections of the Prevention of Money Laundering Act (PMLA) after three rounds of questioning. ED's Special Public Prosecutor N K Matta, along with advocate Mohd Faizan Khan, told the court that the money-laundering case against the Supertech group, its directors and promoters stems from a clutch of FIRs registered by police in Delhi, Haryana and Uttar Pradesh. The ED has been probing the matter related to 26 FIRs registered by the Economic Offences Wing (EOW) of Delhi, Haryana and Uttar Pradesh police against Supertech Ltd. and its group ...

Supertech's Arora main person who decided to divert homebuyers' funds: ED

The ED on Wednesday alleged R K Arora, owner of real estate company Supertech, was the group's main controlling person who decided to "divert" investors and homebuyers money worth crores of rupees to various shell companies. Ram Kishor Arora was arrested under the anti-money laundering law on Tuesday. Earlier on Wednesday, he was sent to Enforcement Directorate (ED) custody till July 10 by the court of Duty Sessions Judge Devender Kumar Jangala. "The arrest is made in connection with the investigation being done against the Supertech Group for diverting, siphoning off and misappropriating funds of investors and customers," the ED said in a statement. The money laundering case, filed under the criminal sections of the Prevention of Money Laundering Act (PMLA), stems from as many as 26 FIRs registered by Delhi, Haryana and Uttar Pradesh police against Supertech Limited and its group companies on allegations of cheating 670 homebuyers to the tune of Rs 164 crore. "Huge amounts of mone

Delhi court sends Supertech's chairman R K Arora to ED custody till July 10

A Delhi court on Wednesday sent R K Arora, the owner of the real estate firm Supertech, to the ED's custody for interrogation till July 10 in a money-laundering case. Duty Sessions Judge Devender Kumar Jangala sent Arora to the custody of the Enforcement Directorate on an application filed by the agency. The ED in its application seeking Arora's 14-day custody told the court that the accused was required to be interrogated to unearth a larger conspiracy in the case. The ED had taken Arora into custody Tuesday under the criminal sections of the Prevention of Money Laundering Act (PMLA), following a third round of questioning at the federal agency's office here. The money-laundering case against the Supertech group, and its directors and promoters, stems from a clutch of FIRs registered by the police in Delhi, Haryana, and Uttar Pradesh. Special Public Prosecutor N K Matta, appearing for the ED along with advocate Faizan Khan, told the court that the company and its directors had ..

ED arrests Supertech's Chairman R K Arora in money laundering case

Earlier in April, the ED provisionally attached 25 immovable properties, valued at Rs 40.39 crore, belonging to the Supertech Group of Companies and their Directors in Uttarakhand and Uttar Pradesh

ED arrests Supertech's chairman R K Arora in money-laundering case

The Enforcement Directorate (ED) arrested real estate company Supertech's chairman and owner R K Arora on money-laundering charges on Tuesday, official sources said. Arora was taken into custody under the criminal sections of the Prevention of Money Laundering Act (PMLA), following a third round of his questioning at the federal agency's office here, they said. He is expected to be produced before a special PMLA court here on Wednesday, where the ED will seek his further remand. The money-laundering case against the Supertech group, its directors and promoters stems from a clutch of FIRs registered by the police departments in Delhi, Haryana and Uttar Pradesh. In April, the ED had attached assets worth more than Rs 40 crore of the real estate group and its directors.

Supertech to raise Rs 1,600 cr by July to complete 18 projects: Chairman

Realty firm Supertech Ltd plans to raise around Rs 1,600 crore from institutional investors by July to complete its 18 ongoing housing projects across Delhi-NCR, its Chairman RK Arora said. The company has signed a term sheet with investors to raise this interim funding, and due diligence is currently undergoing, Arora said, but did not share the name of the investors. "We recently got a nod from the Supreme Court to arrange for interim funding to complete ongoing projects and hand over the flats to existing customers. "We plan to raise around Rs 1,600 crore fund. Hopefully, we will be able to raise this amount by the end of July," he told PTI. Arora said there are 18 ongoing housing projects under Supertech Ltd, comprising around 50,000 apartments. "We need to give possession of 17,000 flats to our existing customers. We intend to hand over these flats over the next two years," he said. Further, he said that the company needs Rs 3,000 crore to complete the pending work in these

Supertech Group's Noida office sealed over unpaid dues: Officials

The Gautam Buddh Nagar district administration has sealed the office of real estate major Supertech Group in Noida over dues, officials said on Wednesday. The builder group has described the administration's action as illegal, saying the office belongs to Supertech Limited while the recovery has to be made from Supertech Township. The district administration had recently initiated action to recover dues from the real estate group's Supertech Township entity. The action was initiated over recovery certificates issued from the UP Real Estate Regulatory Authority (RERA). "Yes, the office has been sealed," Additional District Magistrate (Finance/Revenue) Vandita Shrivastav told PTI, confirming the development. According to officials, the process to seal the office had started on Tuesday afternoon under supervision of the tehsildar, Dadri. Meanwhile, the Supertech Group condemned the action of the district administration. "The illegal action has caused tremendous hardship to the home

ED attaches over Rs 40 cr assets of Supertech on money laundering charges

Assets worth more than Rs 40 crore of real estate group Supertech and its directors have been attached under the anti-money laundering law, the Enforcement Directorate (ED) said on Wednesday. A provisional order was issued on Tuesday, under the provisions of the Prevention of Money Laundering Act (PMLA), to attach 25 immovable properties located in Uttarakhand's Rudrapur and the 'Meerut Mall' in Uttar Pradesh's Meerut town, the federal agency said in a statement. The total value of these attached assets is worth Rs 40.39 crore, it said. The money laundering case against the Supertech group stems from a clutch of FIRs registered by the police departments in Delhi, Haryana and Uttar Pradesh. It was alleged, the ED said, that the company and its directors indulged in "criminal conspiracy" to cheat people by collecting funds from prospective buyers as an advance against booked flats in their real estate projects and failed to adhere to its agreed obligations to provide the possession o

2022: Supertech Twin-tower demolition, conflicts in housing societies

The demolition of Supertech's two 100-metre tall towers was a modern day engineering spectacle that trumped every other news in Noida in 2022, a year also marked by viral video clips of conflicts in housing societies and Chief Minister Yogi Adityanath breaking a jinx. Emerging from the shadows of second and third waves of the COVID-19 pandemic, lakhs of Gautam Buddh Nagar residents took part in the assembly elections to the three seats of Noida, Dadri and Jewar in February. The results were announced in March, with BJP's Pankaj Singh, Tejpal Nagar and Dhirendra Singh successfully retaining the three seats, respectively. Uttar Pradesh Chief Minister Adityanath also broke the three-decade-old "Noida jinx" as he stormed to power for a second time in a row. Since Veerendra Bahadur Singh's ouster as chief minister in 1988 after a trip here, a superstition was nurtured that any chief minister visiting Noida would be out of power. Earlier, chief ministers Kalyan Singh, Mulayam Singh Yada

Supertech offered 9,705 flats without occupancy certificates: NCLAT told

Debt-laden Supertech offered 9,705 flats across 18 residential projects to their owners without obtaining occupancy certificates from the respective development authorities, according to a report prepared by the realty firm's interim resolution professional. The Interim Resolution Professional (IRP) Hitesh Goel has submitted the status report about the company to the National Company Law Appellate Tribunal (NCLAT). Supertech has filed an appeal before the appellate tribunal challenging the National Company Law Tribunal's (NCLT) ruling on March 25 this year, wherein it initiated insolvency proceedings against the company. The matter is pending before NCLAT. The status report, pertaining to 18 residential projects spread across Uttar Pradesh, Haryana and Uttarakhand, was submitted to NCLAT on May 31. "As per the information received from the management, there are 148 towers/plots/Villas and approximately 10,000 houses where the possession has been offered but OC has not yet received,

Supertech twin tower: SC directs refund to 15 home buyers from deposit

The Supreme Court said on Friday 15 home buyers of the now razed twin-towers of real estate firm Supertech in Noida will be refunded on pro-rata basis from the Rs 1 crore deposited by the Interim Resolution Professional (IRP). A bench of Justices DY Chandrachud and Hima Kohli directed that Rs 1 crore more be deposited by the IRP by December 8 and be disbursed to the 15 home buyers. The top court listed the matter for December 13 for resumed hearing. The top court was hearing a batch of contempt petitions filed by home buyers seeking a refund as per the last year's order of court. On August 26, the top court had assured the home buyers of the razed 40-storey twin-towers they will be refunded the full amount they had deposited with the builder. The apex court had asked the IRP of the firm, facing insolvency proceedings, to deposit Rs 1 crore with the apex court registry. The twin-towers at Emerald Court Project in Sector 93A of Noida were pulled down using explosives on August 28.

Twin towers: Noida Authority asks officials to clear debris by Nov 28

The removal of debris of Supertech's twin towers from the site in Sector 93A should start from Thursday and end by November 28, the Noida Authority directed officials on Wednesday. It also directed Edifice Engineering, the company hired to demolish the twin towers, to construct a portion of boundary wall of ATS Village society which got damaged during the twin tower demolition on August 28. The nearly 100-metre tall towers were razed to ground in compliance with a Supreme Court order that had found their construction within the Emerald Court society premises illegal. Currently, the work for secondary breaking of the debris is underway at the site after which it would be sent to the construction and demolition waste processing unit. The demolition left behind a whopping 80,000 tonnes of rubble, a large part of which got filled in the basement of the towers while 30,000 tonnes of it have to be removed from the site. The Noida Authority on Wednesday held a meeting with all stakeholder

Top housing projects going nowhere; litigation, funding major issues

Nearly 500,000 homes, worth Rs 4.48 trillion, were stuck in seven metro markets in the country as things stood at the end of May, according to Anarock Property Consultants

No decision on what will replace Twin Tower till debris removed: Supertech

After the demolition of the Twin Towers, now a war of words has erupted between the Supertech builder and the Emerald Court RWA on what will be built in place of the Towers

Twin towers and beyond: The ugly side of demolition

People have the notion that justice should be retributive. It shouldn't

What is the floor area ratio?

The demolition of illegal towers in Noida sullied the builder's image. It circumvented rules, changed the floor area ratio in collusion with corrupt officials. But, what is floor area ratio?

Twin Towers demolition: Minor cracks found in some pillars at Emerald Court

The post structural audit of Supertech Emerald and ATS Village was done on Wednesday after the demolition of the Twin Towers in Noida's Sector 93-A. The team from D&R Consultant, which inspected both the neighbouring societies, found that there were minor cracks in 10 to 12 pillars at Supertech Emerald Court.

'You may face fate of Supertech twin towers,' Bombay HC warns developer

The Bombay High Court on Tuesday remarked that a developer insisting to continue construction of a building adjacent to a plot reserved for a playground despite a stay from the Supreme Court and the HC would face a fate similar to Supertech's illegal twin towers in Noida that were demolished. The remark was made by a division bench of Chief Justice Dipankar Datta and Justice M S Karnik while hearing a public interest litigation (PIL) that claimed the real estate developer was encroaching on the land reserved for a playground in Mumbai's suburb of Khar. The court had last week deputed an architect to visit the site where the developer has proceeded with construction flouting a 1995 Supreme Court order and to submit a report stating up to what extent construction has been carried out. On Tuesday, the bench was informed the report has been submitted by the architect following which the court adjourned the matter for further hearing on September 20. However, the advocate appearing for

Broken real estate policy: Twin towers' demolition should not be the end

Better ways than demolition need to be found to deal with such issues in the future