Supreme Court tells Supertech to give flats or refund money to homebuyers of Emerald Court

After Jaypee Infratech and Unitech now, it was the turn of real estate giant Supertech. On Friday, the Supreme Court told Supertech that it has to either refund the money or deliver flats to the homebuyers. A bench headed by Chief Justice of India Dipak Misra and Justices D.Y. Chandrachud and A M Khanwilkar also appointed advocate Gaurav Agrawal as amicus curiae and directed him to create an online portal for 600-odd homebuyers of Emerald Court residential project in Noida so that they could indicate that whether they want refund of their investment or possession of flats. Related Post: Amrapali homebuyers demand similar order from Supreme Court as in Jaypee case This website will be helpful in maintaining all the details of the money owed to homebuyers and provide an aid to the refund process. The bench said that a clear choice will be made by the homebuyers and those who do not want the refund now, would not be allowed to ask refund in the future. The Apex court asked amicus curiae to create list of the homebuyers who preferred refund and asked the real estate firm Supertech to make sure that all of them get their principal investment amount along with 14 percent interest. Related Post: SC directs Unitech to give compensation to homebuyers Allahabad high court on April 11, 2014 ordered demolition of 40-storey housing twin towers Apex & Ceyane in Noida and asked Supertech to provide refund to the homebuyers along with 14% interest in three months time. The two towers of the project have 857 apartments, out of which around 600 flats have been sold already. Allahabad HC ordered demolition of the towers after finding that it did not followed fire safety norms.