SC directs Supertech to refund money
The Supreme Court last Wednesday stated that the real estate firm of Supertech to refund the principle amount to the flat owners who had applied for their refund before April 30th by the end of this month.
The firm is going to refund around Rs 35 crore to the allotted people of twin towers Apex and Ceyane towers on the Noida Expressway which was directed to be demolished by the Allahabad high Court for violating the building laws.
There are around 53 people out of around 600 who had asked for refund of their amount after the High Court order. The flat owners cannot be forced to remain in the limbo and to wait indefinitely due to the litigation ordered the builder to pay a 14 percent compound interest by October 30. The aforesaid was stated under a bench that was headed by Chief Justice RM Lodha. The court has also ordered Supertech to allot alternate flats within a month to those people who did not want to refund and had agreed to accept the builders who had offered to opt for a flat in any other completed or ongoing Supertech projects.
Source: The Financial Express
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