The Supreme Court’s order to refund the money to the Supertech flat owners will not end the miseries of flat buyers. The flat owners said the refund of the amount along with the 14 per cent interest would not compensate for their loss of opportunity. They said the 2 BHK flat which they had bought for Rs28 lakh in 2008 is now priced at over Rs70 lakh at the same site. Similarly, the 3 BHK flats that they bought for Rs35 to Rs65 lakh are now available for not less than Rs1.25 crore.
The buyers rued that they can not purchase affordable house in the same locality with the refunded money as rates have been increased significantly in the last few years. They blamed that the wrong doing of realtor and the authority have left no option for the buyers. They are also planning to convene a meeting to decide the next move.
The buyers, who had started booking flats since 2007, revealed that in beginning the rates of the flats were between Rs28 lakh and Rs65 lakh depending on size and floor. The realtor, in complicity with the authority, extended the height of both towers twice and tactfully delayed the possession which was scheduled in November 2011. In the meantime, property rates in the area increased by leaps and bounds while investors are being asked to take money with just 14 per cent interest per year which is unjustified. “As the Supertech has increased the card value more than two times, I want refund on that value at least,” said KK Mittal, a buyer in the Apex Tower.
“I had booked a 1,450 square metres (3 BHK) flat for Rs44 lakh in 2008. Now if I get the money back, it will hardly cross Rs55 lakh figure while the card rate for similar flats that are available for over Rs1 crore. Projects of other builders like ATS Green and Jaypee in the vicinity Apex and Ceyane towers are also being sold between Rs1.25 crore and Rs3 crore. I am in deep loss as I have been paying interest on bank loan also. Now I would prefer to invest somewhere in NCR rather than any project in Noida,” said Mittal.
