Supertech Emerald Court’s resident welfare association (RWA) on Wednesday welcomed the Supreme Court order directing the developer to refund the principal amount within a month and pay 14% compound interest by October 30 to those buyers who want to exit from the twin towers.
“We suggest all buyers should accept a refund and exit from the long legal trial going on in the Supreme Court. We also want the towers to be demolished as per the Allahabad high court order because their foundation is weak. Since the builder had not maintained a mandatory gap of 16 metres between the two towers and raised the height of building on a foundation meant for 24 floors only, they will be a safety hazard,” said UB Teotia president of Emerald Court RWA.
The Emerald Court RWA had initially filed the petition in the Allahabad high court.
But about 50 homebuyers who filed a petition in the apex court said they would incur losses even if they accepted a refund.
“We will not earn any profit by accepting this refund. We are accepting a refund because we do not want to indulge in a never-ending trial in the Supreme Court. I had invested Rs 56 lakh in 2009, with a hope that I would move into my house by 2012. But now with the 14% interest, the builder will pay me around Rs 80 lakh. After deducting taxes, I will get around Rs 60 lakh. And with that amount, I cannot buy a flat in Noida’s sector 93A. A similar flat would cost me around Rs 1.5 crore,” said Vivek Sharma, a buyer seeking refund.
Around 100 homebuyers have already opted out of the Supertech Group to avoid the trial. The remaining 450 buyers want flats in the same towers and will wait for the trial to get over. “I want a flat in the same twin towers. I want justice from the Supreme Court because innocent buyers like me have invested their savings to get a dream home. With the refund, I will not be able to own a house in the same area due to inflation. I will exit if the builder gives me a flat at the same cost in the same area,” said DK Sharma, an interior designer.
“We are ready to comply with the Supreme Court’s order directing to refund buyers’ money with 14 per cent interest. Money will be refunded to those buyers who had sought a refund by writing to us by April 30,” said RK Arora CMD Supertech Group.
The Allahabad High Court had on April 13 ordered demolition of the twin towers for flouting building regulation norms.