Supreme Court Orders Realtor Supertech to Deliver Flat or Refund Money With 14 Per Cent Interest to Buyers in Emerald Court; Asks to Set up Portal

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Supreme Court Orders Realtor Supertech to Deliver Flat or Refund Money With 14 Per Cent Interest to Buyers in Emerald Court; Asks to Set up Portal

Supertech's counsel Salman Khurshid and Keshav Mohan told the court that around Rs 110 crore has been refunded and the money will be refunded to all those who want to reclaim their money.

New Delhi, September 23: The Supreme Court on Friday ordered realtor Supertech to either deliver the flats to buyers or refund money with 14 per cent interest. The apex court also appointed an amicus curiae in the case and asked to oversee that a portal is made where buyers can state their choice– flat or money.

A three-member bench headed by justice CJI Dipak Misra appointed advocate Gaurav Agrawal as amicus curiae, and asked him to create a web portal where the buyers in Emerald Court housing complex in Noida can state their choice. Court asked Supertech to honour the choice of buyers, and refund the principal amount with 14 per cent interest.

Some flat buyers pleaded before the court that they will take flats instead of money in the 40-storey twin-towers. The court observed that those who don’t opt for a refund now, will not given the option in the future. The court asked to prepare a list of flat buyers who wanted refund.

Supertech’s counsel Salman Khurshid and Keshav Mohan told the court that around Rs 110 crore has been refunded and the money will be refunded to all those who want to reclaim their money.

The Allahabad High Court had ordered the demolition of two towers of Emerald Court, situated in Noida’s Section 93A, as the builders flouted the rules of construction. The Supreme Court stayed the demolition later.