The Supreme Court has asked real estate developer Supertech to refund money to flat owners of Apex and Ceyane towers in Noida which were directed to be demolished by the Allahabad High Court. The Apex Court said, allottees are entitled for the amount as it is their hard earned money and they cannot keep moving court. This is applicable to those flat owners who had accepted Supertech's refund, by 30th of April this year. The top court also asked Supertech to provide alternative flats to buyers who wanted to swap flats. Supertech has to refund the principal amount to flat owners by 30th of August and pay 14 per cent interest on the amount by 30th of October. On April 11, the Allahabad High Court ordered the demolition of the two towers over flouting of building norms and the refund of money to apartment buyers. But the Supreme Court had later stayed the demolition but restrained Supertech from selling or transferring the flats.The two towers, Apex and Ceyane, together have 857 apartments. Of these, about 600 flats have already been sold.
News On AIR | July 30, 2014 1:50 PM
SC asks real estate developer Supertech to refund money to flat owners