1. Emerald Court building case: Supreme Court asks Supertech builders to deposit Rs 10 crore

Emerald Court building case: Supreme Court asks Supertech builders to deposit Rs 10 crore

The Supreme court on Tuesday directed the real estate firm Supertech Builders to deposit Rs 10 crore to SC registry in Emerald Court building case so that people who have invested in the project aren't disillusioned.

By: | Published: November 8, 2016 2:38 PM
Emerald Court building case: Owners were demanding either alternate arrangement or refund of their investments but the company had denied to give them money. (PTI) Emerald Court building case: Owners were demanding either alternate arrangement or refund of their investments but the company had denied to give them money. (PTI)

The Supreme court on Tuesday directed the real estate firm Supertech Builders to deposit Rs 10 crore to SC registry in Emerald Court building case so that people who have invested in the project aren’t disillusioned.

The twin towers in Noida, that spelt trouble for the firm, have 857 apartments on 40 floors, and 600 flats have already been sold but due to non-completion of work they were not handed over to the owners, who later approached to court, now, the matter is under SC. Owners were demanding either alternate arrangement or refund of their investments but the company had denied to give them money.

Now, again and again, the court is giving the decision in favour of flat owners but Supertech Builders Pvt Ltd. has been stuck on its point. Earlier, the Supreme Court had also directed it to pay Rs 5 crore. And, during a hearing in September Justice Dipak Mishra bench had said, “Either you sink or die, we are not concerned. You will have to pay back the money to home buyers.”

The jump in real estate sector in recent past attracted many people and they opted for their ‘dream home’. Seeing a great revenue, many companies jumped into the sector with the condition of an affordable home on pre-payment. The builders collected the money but failed to deliver flats on time. Scores of buyer facing this problem and moving to courts.

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