SC directs NBCC to inspect Supertech's Emerald Towers in Noida

The Supreme Court today directed the National Buildings Construction Corporation (NBCC) to inspect and submit a report on real estate major Supertech's Emerald Towers whether the two 40-storey buildings were built in green area in violation of the sanctioned plan.
A bench comprising justices Dipak Misra and R F Nariman asked the state-owned NBCC to submit its report within four weeks.
It also asked the competent authority of NBCC to issue notice to the parties to send their nominees during the time of inspection of the buildings in Noida's Supertech Emerald Court.
The bench also observed that the home buyers should not be made to suffer on account of ongoing litigation and their money should be refunded if they want them.

"Whether the buildings remain or not that will be seen later but if the home buyers want to get out of it, then they can't be stopped. You just pay them," the bench said.
It posted the plea of home buyers seeking refunds from the real estate major for further hearing on August 9.

Earlier, it directed the company to deposit Rs five crore in its Registry as a part of refund to homebuyers for the project in which Allahabad High Court had ordered demolition of twin towers.
The Allahabad High Court had on April 11, 2014 ordered demolition of the two 40-storey residential twin towers -- Apex and Ceyane -- in Noida while directing Supertech to refund money to homebuyers with 14 per cent interest in three months.

The two towers have 857 apartments in total. Of these, about 600 flats have already been sold.
The apex court had on February 16 last year directed Supertech to refund money to the flat owners, saying, "Developers can't take investors for a ride."
Earlier, it had directed Supertech to give back money to flat owners who had sought refund of their investments, after the towers were directed to be demolished by the Allahabad High Court.
Holding that flat owners cannot be forced to remain in limbo and wait indefinitely due to litigation, the bench had also directed the company to pay compound interest at the rate of 14 per cent per annum to allottees by end of October 2014.

It had turned down the plea of Supertech which had contended that it was not in a position to pay back the money as the interest part has grown more than the principal.