The Supreme Court on Friday heard the Supertech case. Real estate company Supertech in Noida refunded money to homebuyers in one of its housing projects, following which the court-ordered closure of the hearing in the contempt case against it.
The Supreme Court in its order today dropped initiation of Contempt proceedings against real estate company 'Supertech' after it refunded the amount to many homebuyers in one of its housing projects in Noida.
RERA expressed displeasure in March
In March this year, Supertech had promised to complete its projects on time and give their flats to homebuyers. Along with this, it had also given a statement about selling its land in many places to pay off its debt. Late last month, the Uttar Pradesh Land Estate Regulatory Authority (RERA) had expressed displeasure over the pending cases of the Supertech Ltd builder. RERA Chairman Rajeev Kumar had said that if there is laxity by the builder, action will be taken under other provisions of the RERA Act in addition to section 63 to protect the interests of the allottees. So far, 282 orders have been passed by RERA for refund to Supertech builder and 249 recovery certificates have been issued against the company. Only 101 cases were complied with by Supertech Ltd.
Seized properties of various builders
It is noteworthy that the Gautam Budh Nagar district administration has attached properties worth Rs 344.23 crore of various builders. They owe the Real Estate Regulatory Authority (RERA) which they were not paying. Additional District Magistrate Finance and Revenue Vandita Srivastava told that RERA owes the builders. The dues were not paid by these builders despite repeated notices.