Over 150 homebuyers in Supertech’s Emerald Court towers went to the company’s office in Noida on Saturday and returned with three options they must choose from as the buildings face another legal hurdle. One, they can opt for a cash refund at 14 per cent compounded interest as ordered by the High Court. Two, they can shift to any other ongoing Supertech project that is proportionate with the investment in Apex and Ceyane. Three, they can opt to wait and continue in the same project, according to the note from Supertech CMD RK Arora.
Buyers have been protesting since last week, demanding a refund or simply the homes they had booked, after the Allahabad High Court ordered the demolition of the two towers in Sector 93-A for flouting building laws. Supertech has decided to appeal in the Supreme Court. The promises came after a marathon meeting between Arora and the buyers at Supertech from 12 pm to 5 pm. The buyers were asked to let the company know their decision by April 30.
Arora also reassured the buyers that despite Supertech’s decision to move Supreme Court, the refund process will not be unduly affected. “The meeting with the buyers went peacefully and we will make the payments according to the timeframe offered by the High Court order,” said Arora. In its April 11 ruling, the High Court had ordered Supertech to refund homebuyers with “14 per cent interest compounded annually”.
A flat buyer who attended the meeting, said, “They explained to us why the construction at Ceyane and Apex were not illegal. We appeared before Supertech as a united group, so they had to pay heed to our demands. We are at least relieved that we have their promises on paper.”
However, Kumar Ravi, another investor said that nearly 100 people wanted their money back along with interest. “It has been more than five years when we booked the flat. The builder had promised possession in 2011 but failed on it. Now when court has declared the project ‘illegal’, there is no reason to wait for the decision of the apex court. There is a little chance that SC will give order in favour of investors. We cannot wait more when things are amorphous,” he said. Meanwhile, investors sought more meetings in the coming weeks to reach a consensus.