Beleaguered real estate company Supertech has said that it has signed a deal with Edifice Engineering to demolish its ambitious 40-storeyed twin towers in Noida, which has been facing the ire of the Supreme Court. This came days after the top court directed the realty major to enter into a contract to demolish the Emerald Court twin tower project and make refunds to the investors without any bias. Supertech has already shared the details of the agreement with he New Okhla Industrial Development Authority (NOIDA) regarding the demolition plans of the towers, which had come up in violation of building bye-laws in Sector 93A of the city.
“In compliance of the Supreme court order, Supertech has signed an agreement with Edifice Engineering for the execution of demolition of twin tower and made an advance payment to it for mobilisation of men, materials and machines to site as per this agreement,” said a spokesperson of Supertech on January 23, Sunday. A copy of the said demolition agreement executed and duly signed by and between Supertech and Edifice Engineering has also been submitted to the Noida Authority, added the spokesperson.
On August 31 last year, the Supreme Court issued an order to Supertech for violating building norms and said that its twin towers, Apex and Ceyane, under the Emerald Court project should be demolished within three months. However, the company did not follow the order and was pulled up again earlier this month, asking the company to make the refunds. The letter of intent was offered to Mumbai-based engineering company Edifice Engineering last week.
The Supertech spokesperson said that no-objection certificates (NOCs), related to the environment, logistics, storage and use of explosives for the demolition work, are still awaited.
When Will Investors Get Refunds?
In another ruling on Friday, January 21, the Supreme Court asked Supertech to refund the money with interest to all home-buyers who have invested in the project by February 28, extending the previous deadline of January 17. The apex court accepted the computation formula made by Amicus Curae Gaurav Agrawal, saying that it would be adopted to ascertain the amount due and payable. The bench, comprising Justices DY Chandrachud and Bela Trivedi, rejected the formula suggested by Supertech.
“In our view, the refund which is due and payable arises from the judgement of this court. At this stage, when the court is exercising its contempt jurisdiction, it would be necessary to provide a solution that is consistent with the tenor of the main judgement, to effect a refund of the amounts which were paid by the home buyers together with interest as directed,” said the bench.
It added that payments made towards refunds that have already been made shall be taken due note of in computing the balance which is due and payable. The top court also clarified that buyers who had not filed for contempt would also be eligible to get the refund amount with interest, at par with those who filed for contempt.
(With PTI inputs)
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