Supertech twin towers case: SC asks builder to refund payments to home buyers by Feb 28

New Delhi [India], February 4 (ANI): The Supreme Court on Friday directed the real estate developer Supertech Ltd. to refund payments to the home buyers for the flats which were ordered to be demolished in its Emerald Court project in Noida, on or before February 28.
A bench of Justices DY Chandrachud and Surya Kant said where home loans are outstanding, the developer shall clear the home loans on or before March 31 and furnish NOCs from the concerned financial institutions to the home buyers no later than April 10.
The bench noted that 38 homebuyers are before the court and that are seeking a refund in terms of the final judgment and order of this court dated 31 August 2021, by which the demolition of the twin towers was ordered.
"In order to obviate any dispute on the exact amount which is due and payable to the home buyers, the modalities which were followed are that computations were prepared by the developer as well as by the home buyers. Amicus Curiae Gaurav Agarwal thereafter received emails with regard to the computation which has been made by the developer and the home buyers and has made an objective and earnest effort to resolve the differences by verifying the rival computations. A note has been prepared by the amicus after due verification of the amount that is due and payable...," the bench noted in its order.
The amicus submits that the payments which are due to the home buyers should be paid over by the developer on or before February 28, 2022, the apex court noted while accepting Agarwal's computation. It further took into consideration Agarwal's note as per which those cases where home loans are outstanding, the developer shall take steps to clear the loans on or before 31 March 2022 and in the case of certain homebuyers who have already settled their dues and received payments, the terms of the settlement should not be disturbed.
Earlier, the top court had slammed the Supertech over non-payment to the homebuyers for the flats which were ordered to be demolished. It said that no amount should be deducted while giving back the money and warned Supertech Directors of jail if the amounts were not paid to the homebuyers.
The top court was hearing a contempt plea by home buyers who paid for the flats on which apex court judgment of August 31, 2021, directed demolition of the twin towers.
Homebuyers have alleged that Supertech has invited them to collect their money, however, when they approached the company, they were told that the money would be paid back in installments together with certain deductions which were not indicated by the Court.
Last year the apex court had dismissed a plea of Supertech seeking modification of it's August 31 order by which it was directed to demolish two of its 40-storey towers at its Emerald Court housing project in Noida.
While directing the demolition of two towers over grave violations of building norms, the court had said that it was a result of "nefarious complicity" between Noida Authority and the Supertech and ordered that company shall carry out the demolition at its own expense within three months under the supervision of the Noida Authority and an expert body like the Central Building Research Institute.
The order had come on a batch of petitions filed by homebuyers for and against the April 11, 2014 verdict of the Allahabad High Court, which had ordered the demolition of the two buildings within four months and the refund of money to apartment buyers. (ANI)