The Supreme Court on February 4 directed the builder Supertech Ltd to refund homebuyers, who had paid for their apartments in the Noida Twin Towers project which has to be demolished following the court’s orders, by February 28.
A bench comprising Justices DY Chandrachud and Surya Kant accepted the computation for refund made to the homebuyers by the amicus curiae advocate Gaurav Agarwal in the matter.
"The payment due to homebuyers have to be made on or before February 28," said the top court.
Senior advocate S Ganesh, representing Supertech, submitted that 38 impleadment applications have been filed seeking refund of the amount.
“There are 38 impleadment applications filed seeking refund of amount. We had a meeting with amicus and the amount agreed will be paid to them. It will be paid on or before Feb 28,” he said.
The bench also said that for cases where homebuyers had paid for the flats after availing home loans from the banks, be settled by the developer before March 31 and an NOC from the financial institution be obtained before April 10.
The court directed that thereafter the developer “shall obtain NOC from banks no later than April 10, 2022. Rest, settlement shall govern rights and duties of the parties.”
"Homebuyers who have settled and received their dues the terms of settlement will not be disturbed," said the bench.
However, when the counsel for some homebuyers urged the court to re-look at settlements reached between their clients and the developer, the bench refused. "We have to observe some fairness to developers also. If there are settlements then how can we intervene in this?" the bench asked.
"On behalf of the home buyers, some of the counsel have submitted that notwithstanding the settlement, the payment should be re-computed in terms of the directions of this court. Having regard to the fact that several home buyers have arrived at settlements which are reflected in the note submitted by the amicus and have received payments pursuant to the settlement, it would be manifestly unfair to reopen the settlement," the bench observed.
The Supreme Court on January 21 directed Supertech Ltd to refund with interest all homebuyers still invested in the Noida Twin Towers project by February 28. The real estate company has to pay back those that filed a contempt petition before the court as well as those who did not.
The apex court had on August 31, 2021, directed that the entire amount paid for by homebuyers be refunded with 12 percent interest from the time of the booking and the Residents Welfare Association be paid Rs 2 crore for the harassment caused due to the construction of the twin towers.
The court on August 31 had also ordered the demolition of the structures located in Sector 93A within three months. The construction violated the minimum distance requirement and had been built illegally without taking the consent of the individual flat owners as required under the UP Apartment Act, the top court added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
