SC asks Supertech to deposit Rs 1.25 crore to pay homebuyers of demolished twin towers

Supertech Twin tower

The Supreme Court on July 17 directed the Resolution Professional (RP) of real estate company Supertech to compensate 15 homebuyers of the now demolished twin towers in Noida.

Amicus curiae (friend of the court) Gaurav Agarwal told a bench led by Chief Justice of India DY Chandrachud that out of the total outstanding of Rs 7.04 crore due to 15 home buyers, a balance of Rs 2.55 crore is still due and payable to them by the developer.

He asked the court to direct the resolution professional to deposit Rs 1.25 crore in the registry of the Supreme Court by August 31. He submitted that this amount together with an amount of approximately Rs two lakhs already deposited with the registry will be utilised to pay 15 home buyers. Agarwal told the court that this will ensure that approximately 50 percent of the amount which is now due and outstanding to the 15 home buyers is paid.

The court directed the RP to deposit the money from 30 percent amount, which is kept separately for administrative expenses.

Reliance Home Finance not to demand EMI from homebuyers:

The court directed Reliance Home Finance Limited (RHFL) not to take any coercive steps against the homebuyers till the next date of hearing. The court also directed RHFL to share the account details of the home buyers who have availed of loans from them with the amicus curiae within one week.

Noida twin towers demolition:

On August 31, 2021, the Supreme Court said the New Okhla Industrial Development Authority (NOIDA) and the builder colluded to build the towers illegally and without the consent of flat owners, as required by the Uttar Pradesh Apartment Act.

The guidelines regulating the minimum distance between two towers were also violated, the court said. The two apartment blocks came up on the green space that was promised to the homebuyers of Emerald Court, which has several residential towers.

The Supreme Court upheld a 2014 verdict of the Allahabad High Court that directed the demolition after four Emerald Court homebuyers, all senior citizens, took the builder to court in 2009.