The court then fixed the matter for hearing on October 23 when the amicus curiae would apprise it about the status with regard to refund of money to investors.
The apex court, on August 14, had asked the real estate firm to deposit Rs 10 crore for refunding money to the investors who wanted to opt out of its Emerald Towers project, which comprises two 40-storey residential buildings in Noida.Prior to this, it had said that if the two residential buildings in Noida were constructed without proper sanction, these would be “demolished”.
The bench is hearing pleas against the Allahabad High Court’s April 11, 2014, verdict ordering demolition of these twin towers–Apex and Ceyane–in Noida and directing Supertech to refund money to homebuyers with 14 percent interest in three months.
The High Court’s verdict had come on the plea of some residents of other buildings who had alleged that the twin towers were constructed on the green area. The towers have 857 apartments, of which about 600 flats have already been sold.
The counsel for Noida authority had earlier told the bench that the sanctioned plan for the building was in accordance with the guidelines and it was aggrieved by the high court’s finding in this regard.
( Source – PTI )