A Supreme Court bench comprising justices Dipak Misra and AM Khanwilkar, on March 27, 2017, said that if the two 40-storey residential buildings of Supertech’s Emerald Towers in Noida were constructed without proper sanction, then, these would be demolished. The towers have 857 apartments, of which about 600 flats have already been sold.
The SC was hearing pleas against the Allahabad High Court’s April 11, 2014 verdict, ordering demolition of the two 40-storey residential twin towers – Apex and Ceyane – in Noida and directing Supertech to refund the money to home buyers with 14% interest in three months. During the hearing, the court said that the home buyers, who had invested and wanted to come out of the project, can do so. It said that the investors who wanted to stay in the project, can also do so, as the builder had challenged the high court’s order. The counsel appearing for Noida Authority, told the bench that the sanctioned plan for the building was in accordance with the guidelines and it was aggrieved by the high court’s finding in this regard.
Some of the home buyers claimed that despite the apex court’s direction, they had not been refunded the amount by the builder. The counsel appearing for the developer countered the submission and said they have given refund to the home buyers and if anyone files an application for getting back money, it would be dealt within four weeks and the principal amount will be refunded to them. The court also noted that in pursuance to its earlier order, Rs 5 crores had been deposited by the builder. It fixed the matter for final hearing on August 9, 2017.
The court had earlier asked the National Buildings Construction Corporation (NBCC) to submit its report, after inspecting Supertech’s Emerald Towers, to ascertain whether the two 40-storey buildings were built in a green area, in violation of the sanctioned plan. It had, on February 16, 2016, directed Supertech to refund money to the flat owners, saying, “Developers can’t take investors for a ride.” Earlier, it had directed Supertech to give back money to flat owners, who had sought refund of their investment, after the towers were directed to be demolished by the Allahabad High Court.