The Supreme Court has given a major setback to real estate company Supertech in an important decision on Tuesday.The court has ordered the demolition of both the 40-story towers along with holding the Apex and Sion Yawe 16 and 17 of the Emerald Court project located at Supertech's Noida Express illegal.
In its order, the Supreme Court has said that the builder company will have to return the entire money along with 12 percent interest to 1000 investors of these two towers.A bench headed by Justice DY Chandrachud has given its verdict on the petitions.
The Supreme Court on Tuesday delivered its verdict on a plea by Delhi-NCR's leading realty company Supertech Ltd, challenging the Allahabad High Court's order to demolish two 40-story towers in the Emerald Court project in Noida.The Allahabad High Court had directed the demolition of the towers for violating the rules.The Supreme Court has also put its stamp on this.
During the hearing on Tuesday, the Supreme Court has also ordered the demolition of two 40-story towers built by real estate company Supertech in the housing project, while confirming the order of the Allahabad High Court.In its remarks, the court has also said that this illegal construction is the result of collusion between the officials of Noida Authority and Supertech.
investors will have to return the money
The Supreme Court has held Mangavalar illegal the Apex and Cyan Yawe 16 and 17 of the Emerald Court project located at Supertech's Noida Express.Along with this, both the 40-story towers have been ordered to be demolished.Not only this, giving another blow to the Supertech builder, 1000 flat buyers have also been ordered to return the entire money along with 12 fees interest.
The Supreme Court has also delivered its verdict on several other petitions filed by home buyers in favor and against the Allahabad High Court's April 11, 2014 judgment.On August 4, the Supreme Court had reserved its decision on these petitions.The apex court had slammed the Noida authority for failing to provide approved plans to home buyers of Supertech's Emerald Court project, saying, "You are immersed in corruption from all sides."
Category: India: Delhi