A major setback to real estate developer Supertech after Supreme Court upheld the decision of Allahabad High Court on 31 August 2021. Making to the headlines of the news, utter chaos was left among the homebuyers concerning investment and completion of other projects. Upholding the concern of homebuyers, we will be running over a quick fact check over the Supertech Twin Towers case outlining a positive result for the investors.
In 2014, Allahabad High Court rolled out its decision against the construction of twin towers, a part of the Supertech Emerald Court Project. Apex and Ceyane- the two sensational towers in emerald court with 915 flats and 21 shops spread over an area of 6 Lac. sq. ft. were to be razed down. The Supertech twin towers in the emerald court have 32 floors each consisting ofNoida residential property projects in the region.
The Allahabad Court in the year 2014 alleged the construction of twin towers against the provisions of Noida Building Regulations, 2010. With an order to demolish the twin towers in the Supertech emerald court in 3 months and refund the homebuyers- Supertech agreed to comply with the laws uniformly.
Yet, Supertech chooses to file an appeal against the order of Allahabad High court in front of the Supreme Court. The Noida authority too decided to challenge the court. It was done with a motive to fight for homebuyers and stakeholders rights; who have invested their hard-earned money in the construction of twin towers. Unfortunately, after battling a battle for over 10 years, Supreme Court on August 31, 2021, affirm the High Court Orders.
“All flat owners in the Supertech twin towers in Noida to be reimbursed, along with 12% interest and the resident’s welfare association be paid Rs. 2 cr for the harassment caused due to the construction of the twin towers in Noida.
Facts of the Case:
A recent interview by Mohit Arora (Supertech MD) cleared out most of the confusion of homebuyers; affirming a positive end. Here we have quote the answers to the most searched questions by homebuyers on Supreme Courts demolition orders referring to the MD statements.
1. Will any other Supertech projects get affected by the Supreme Court decision?
The Twin towers in Supertech Emerald Court are not related to any other ongoing, delivered or upcoming projects, as stated by its MD. Thus, investors can catch a breath without worrying about their investments in any other Supertech Noida residential property or real estate projects including any office spaces in Noida region.
2. Are all Supertech projects illegally built against the provisions?
Mohit Arora assures that their other projects are carried out; as per RERA guidelines and administered by RERA financial accounts. According to RERA reports, projects like Supernova, Capetown & North Eye are RERA registered. Hence, investor’s investments in other Noida residential property projects are in safe hands.
3. Will Supertech Promoters or Directors are going to flee or leave the country?
We have come across many articles which sourced out that Director and Promoters are fleeing out. Yet, Mohit Arora assured that all the concerned promoters & directors, including him, are present in the country with their families. They all are working hard for the fulfilment of other projects. So, we advise you to confirm and trust only official sources. Also, the court has directed the MD to be present in every case hearing, thus, assuring that concerned persons are going nowhere.
4. Will Supertech challenge the Supreme Court order again?
Supertech has, though, chose to challenge the SC order. Supertech chairman RK Arora quoted:
“While we respect the Hon’ble Supreme Court order, we have decided to re-present the matter before the Hon’ble Supreme Court in a review application, as the towers were constructed as per the approval of the competent Noida authority conforming to the building bye-laws. Supertech is a financially stable and strong group. Work is going on at all our project sites, as scheduled. We would like to reassure all our customers, bankers, vendors and other stakeholders that we will deliver all our Noida residential property and Noida commercial propertyprojects in the scheduled time frame.”
Supertech Chairman RK Arora
Challenge in Demolition:
The Supertech emerald court project is close to Surajpur Bird Sanctuary. The demolition of the twin towers will involve dynamite which is a big challenge concerning the environment. The construction of twin towers is surrounded by inhabited Noida residential property & Noida commercial property which makes the demolition even harder. Hence, the Supertech real estate developer will represent the case again.
What Can You Expect?
Drawing out the official sources and statements, since 2014 the demolition was somehow perceived by the real estate developer. As per the statements, some of the homebuyer’s money was refunded, after the Allahabad order; hence, it was somehow presumed if the situation arises the builder will proceed with refunds to Noida residential and Noida commercial property Supertech twin towers buyers.
After considering the buyer’s viewpoint, Supertech and Noida authority, as well, tried to challenge the Allahabad ruling. Also, the construction of twin towers was approved first by the competent authority, which is a strong point with the Supertech.
Although, buyers and stakeholders need not panic as the twin towers case will not affect any other project, and they will get delivered at the scheduled time. All the inflows coming to projects are getting utilised in their respective construction and related cost.
The remaining investors will get refunded as per the court order if things don’t roll out in favour of the developer. This came in light as the chairman highlighted that the company is financially stable and is not on the verge of bankruptcy. The builder will again file a case in a view to restoring the homebuyer’s faith in Noida residential property & Noida commercial property, which assures an array of hope in the case.
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