Supreme Court coordinates Supertech to deposit Rs.10 crore to refund home buyers

New Delhi, Feb 20 The Supreme Court on Tuesday ordered real estate major Supertech to submit a total of Rs. 10crore, to be used to refurbish those who had booked flats in its Noida project, Supertech Emerald.

The Allahabad High Court in 2014 had ordered the demolition of the two 40-storey residential twin towers - Apex and Ceyane - in Noida and directed Supertech to refund cash to homebuyers with 14 percent interest for three months.

Following this, pleas were filed before the Supreme Court in successive months, to which the apex court clarified that the demolition would occur if the buildings were built without a proper sanction.

In August a year ago, the best court said if the homebuyers, who have contributed and need to leave the undertaking, they can leave the same, while the individuals who need to remain in the task, can do as such as the developer has also challenged the high court's order.

On a related note, the towers have 857 apartments, of which around 600 flats have just been sold.

Besides, in compatibility of a prior Supreme Court arrange, Rs. 5 crore has been deposited by the builder.