Delhi/NCR: SC asks Supertech to refund money in Noida towers case
In a July 30, 2014, ruling, the Supreme Court has asked Supertech to reimburse the principal amount paid to the company by the flat owners in Noida’s Emerald Court twin towers by August 30, 2014.
In addition to asking Supertech to refund the flat owners’ money, the Supreme Court has also ordered the realty developer to pay the flat owners a compound interest accrued at 14 percent per annum. The court’s deadline for payment of interest to the flat owners is October 30, 2014.
The ‘refund + interest’ order to Supertech by the Supreme Court comes against the backdrop of the fact that the Emerald Court twin towers were sealed on May 5, when the apex court stayed the demolition ordered by the Allahabad High Court.
In its ruling, The Supreme Court told Supertech: “You are holding their hard-earned money, which they had paid to get a shelter. They are entitled to get back their money.”
With regard to the Supreme Court’s ruling, Supertech said that the payments ordered by the court to the flat owners will cast a huge liability on the company, especially because the interest on the money paid for the booking of the flats in the Emerald Court twin towers five years back would exceed the principal amount. Working out the figures, Supertech said that a person who had booked a flat paying Rs 50 lakh will get back nearly Rs 1 crore from the builder!
Source – The Times of India
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