SC VERDICT on Supertech: DEMOLISH 40-storey twin towers in 3 months, return money to HOME BUYERS in 2 months, apex court tells real estate firm
In a scathing remark against the builder and the NOIDA Authority, the apex court said that the construction of Supertech's 40-storeyed twin towers with 915 flats and shops was done in collusive manner
In a big development, the Supreme Court today ordered demolition of Supertech Limited’s 40-storey twin towers in its Emerald Court property. The apex court ruled that the twin towers 16 and 17 were illegal and must be demolished within next three months.
A two-judge bench of Justice D.Y. Chandrachud and Justice M.R. Shah in its judgement also directed the builder to return the money collected from the homebuyers in two months.
See Zee Business Live TV Streaming Below:
The cost of demolition of the twin towers will have to be borne by Supertech, the top court ruled.
In a scathing remark against the builder and the NOIDA Authority, the apex court said that the construction of Supertech's 40-storeyed twin towers with 915 flats and shops was done in collusive manner.
SC directs that demolition of Supertech's twin 40-storey towers be carried out within three months under NOIDA authority's supervision.
With this judgement, the Supreme Court today upheld an earlier order of the Allahabad High Court which had ordered demolition of the two towers.
Supertech’s Emerald Court projects is located in Sector 93, Sector 93A Noida.
The top court also directed the builder to pay a cost of Rs 2 crore to the Resident Welfare Association (RWA).
Earlier, this month the top court had slammed the Noida Authority for its "shocking exercise of power" in sanctioning two residential towers of real estate developer Supertech in a green area. The top court also pointed out that the authority blocked right to information requests from homebuyers about the building plans, an IANS report said.
The top court had told the Noida Authority, "From the way you are arguing it appears that you are the promoter. You cannot be fighting against the homebuyers", the report further said.
The top court had further added that as a public authority, it has to take a neutral stand, but its conduct reeks of corruption from the eyes, ears and nose, it added.
The top court verdict came on appeals by Supertech and Noida authority challenging the Allahabad High Court verdict on April 11, 2014, to demolish two towers, Apex and Ceyane, constructed, which was part of Supertech`s Emerald Court project, this report said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.