Part of the Supreme Court order, which on July 6 quashed acquisition of 156 hectares of land in village Shahberi causing the fate of thousands of houses being built by key real estate players to hang in the balance, has also said buyers will be entitled to refund with interest.
With copies of the detailed judgment coming into public domain now, the comment has calmed the nerves among buyers who had been feeling cheated. The verdict reads: “If builders refuse to repay the amount, buyers will be free to take recourse to appropriate legal remedy.”
Lakshman Sharma, who booked a flat with Amrapali’s Smart City, said, “The Supreme Court direction has given us some hope that we will get our money back with interest. However we would prefer a flat at the old booking rate at an alternate site allotted to the builder by the authority.”
Ganesh Dhimri, another investor, said, “Though my project Palm Olympia of Sam India has not been affected, the Supreme Court verdict has given me hopes of recovery in case it gets struck in court orders in future. As more
farmers are moving court we do not know how long our project will remain safe.”
“The SC order will pressure builders to look into the interest of investors on priority,” said Yoginder Pathak, a buyer.
“It was very difficult to get the money back from the builder. The builder has invested crores of rupees on the project in the form of advertisement and construction. He will naturally stop part of the payment or deduct some amount if allottees want immediate payment,” said Bhushan Gupta, who has booked a flat with Supertech’s Eco Village project.