The Supreme Court on Tuesday came down heavily on realtor Supertech and directed them to refund money to buyers who invested in its Emerald Towers project in Noida, reported PTI. A two-judge bench of Justice Dipak Mishra and Justice AK Goel said, "We are not concerned whether you sink or die. You will have to pay back the money to homebuyers. We are least bothered about your financial status."
The court gave four weeks time to the company to refund the 17 buyers who moved the court. The real estate company has been asked to submit a chart of payments made to the buyers during the next hearing in the case. The housing project was stopped for allegedly flouting the law by constructing on a green zone. The apex court observed that the flat buyers cannot be allowed to suffer because of the realtor's bad financial situation, reported The Times of India.
In 2014, the Allahabad High Court had ordered demolition of the two 40-storey residential twin towers, and asked the company to refund the buyers with 14% interest in three months. The residential complex has 857 apartments, of which about 600 flats had been sold. The company informed the court that most of the buyers who had approached the court then settled for alternative arrangements.