Refund homebuyers before Feb 28: SC on demolition of Supertech twin tower

Supertech's 40-storey twin tower in Noida is being razed on the court's order.

The Supreme Court said that homebuyers, who had paid for flats in Supertech's 40-storey twin tower in Noida to be demolished on court's order, have to be refunded on or before February 28.

A bench comprising Justices D.Y. Chandrachud and Surya Kant accepted the computation for refund made to the homebuyers by the amicus curiae advocate Gaurav Agarwal in the matter.

Senior advocate S. Ganesh, representing Supertech, submitted that there are 38 impleadment applications have been filed seeking refund of the amount.

"We had a meeting with the amicus and the amount agreed will be paid to them. It will be paid on or before February 28," said Ganesh.

Agarwal submitted that there are 38 homebuyers and if there is a home loan which the purchaser has taken, then the developer can settle the home loan account by March 31.

Counsel for some homebuyers urged the court to re-look at settlements reached between their clients and the developer.

"We have to observe some fairness to developers also. If there are settlements then how can we intervene in this?" the bench queried.

Justice Kant emphasized that this controversy has to come to an end, otherwise this matter will just go on.

Ganesh also urged the court to not r-open the settlements reached between the homebuyers and his client.

The bench refused to reopen the settlements between some homebuyers and the developer. "The payment due to homebuyers have to be made on or before February 28." said the top court.

The bench also added that in cases where homebuyers had paid for the flats after availing home loans from the banks, then it has to be settled by the developer before March 3 and an NOC from the financial institution has to be obtained before April 10.

"Homebuyers who have settled and received their duesathe terms of settlement will not be disturbed," said the bench, refusing to reopen the settlement.

In its August 31. 2021 judgment, the Supreme Court had ordered the demolition of the twin towers and also directed Supertech to refund the money to the homebuyers.