New Delhi:In a relief to homebuyers, the Supreme Court on Friday directed the setting up of a website for those seeking refunds of money invested in Supertech Ltd’s Emerald Court project in Noida, on the outskirts of Delhi.
The website would help maintain a detailed account of the money owed to homebuyers and aid the refund process.
A bench headed by chief justice Dipak Misra also appointed advocate Gaurav Aggarwal as the amicus curiae (friend of the court) in the case.
Home buyers would be eligible for refunds of the principal amount along with 14% interest. The real estate developer has already deposited Rs20 crore with the Supreme Court registry.
This is the second instance of the apex court stepping in to safeguard the interests of homebuyers. Last week, it passed similar directions to initiate refund of money to Unitech Ltd’s customers.
The Allahabad high court on 11 April 2014 ordered demolition of the two 40-storey residential twin towers—apex and ceyane—in Noida and directed Supertech to refund money to homebuyers with 14% interest in three months.
The two towers have 857 apartments, of which about 600 flats have already been sold. The Allahabad high court ordered demolition of the project after it found that fire safety norms were not followed.
The matter will be heard next on 23 October.