Real
Estate firm Supertech on recently said it is ready to refund money to more than
600 apartment buyers affected by the Allahabad High Court order to demolish the
company's two 40-storeyed towers in Noida.
"We
will refund money to those buyers who will approach us for the refund of their
investments," Supertech Chairman and Managing Director Mr. R. K. Arora told PTI.
Asked if
the court's decision had affected sales, he said: "There is not much
impact." The Noida Authority on Tuesday sealed the two towers -Apex and
Ceyane-comprising a combined 857 apartments, of which 600 were sold. The towers
are part of Supertech's Emerald Court project.
On April
11, 2014 the court ordered the demolition of the 2 buildings in Noida and the
refund of money to apartment buyers in response to a petition that alleged
their construction had violated the law.
Supertech
will move the Supreme Court next week, challenging the high court order, Arora
said. He maintained that construction of the towers was according to the
approved plan and was authorised.
A
division bench comprising Justice Mr. V. K. Shukla and Justice Suneet Kumar
ordered the demolition of the two towers erected in Sector 93-A of Noida as
part of the Supertech Emerald Court Complex "within a period of four
months."
The
complex has residential premises and shopping establishments.The court also
ordered that money be refunded to all those who had invested in the two towers
"with 14% interest compounded annually."
The
judgement was passed while allowing a writ petition of the Emerald Court Owners
Resident Welfare Association, which alleged that the approval and construction
of the towers was "in complete violation of the UP Apartment Acts."
The
petitioner claimed the Noida Authority had given permission to raise the height
of the towers, which were supposed to have only 24 floors, without maintaining
the mandatory distance of 16 metres from an adjoining building block, making it
"unsafe, apart from blocking air and light."
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