Supertech's home sales hit 15% after HC demolition order

Real estate firm Supertech today said its property sales were affected by about 15 per cent after the Allahabad High Court order last month to demolish its two 40-storeyed towers in Noida.
However, the sales have recovered now, the company said.
Supertech reiterated that it has not violated any law in developing the towers and also has assured 600 affected buyers that their interest would be protected.
On April 30, Supertech filed a petition in the Supreme Court challenging the Allahabad High Court order dated April 11 to demolish the two towers.
The High Court also ordered refunds to flat buyers in response to a petition which alleged that their construction had violated the law.

The two towers, Apex and Ceyane, together have 857 flats, of which about 600 flats have already been sold. The towers are a part of Supertech's Emerald Court project

"We have not done any violation. Towers were constructed as per approved building plans," Supertech Chairman and Managing Director R K Arora told reporters here when asked about the HC order.
He said the company expects to get relief from the apex court, which earlier this week agreed to hear Supertech plea and ordered status quo.
Asked about impact on sales, Arora said: "Our housing sales dropped by 10-15 per cent after the High Court order. But now sales have recovered and things are back to normal."

He also said the company's brand image has not been affected due to this order. "Our image is based on delivery of about 12,000 housing units in last 25 years."
Stating that the company has always been "buyer friendly", Arora assured the affected buyers that their investments would be protected.
"We have collected Rs 79 crore from buyers in these two towers," he added.
The company is developing 90 million sq ft area. It has presence in Noida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Moradabad, Haridwar, Rudrapur and Bangalore.