Supertech Chairman RK Arora is confident that the SC order will not have any adverse impact on the company as every project has its own independent RERA Account and cost centre
Supertech chairman has confirmed that the realty firm will file a review petition against the Supreme Court order to demolish its 40-floor twin towers in Noida. He maintained that the building was erected within the legal framework, following the required bye-laws and with approval from a competent authority.
“While we respect the Hon'ble Supreme Court order, we have decided to re-present the matter before the Hon'ble Supreme Court in a review application as the towers were constructed as per the approval of the competent authority conforming to the Building bye-laws," Supertech Chairman RK Arora told news agency PTI.
The Supreme Court had ordered demolition of the two towers constructed in Supertech's Emerald Court project in Noida, Uttar Pradesh. The towers have 915 flats and shops.
In its order, the apex court directed that the entire amount taken from homebuyers should be refunded with 12 per cent interest from the time of the booking. The court also ordered payment of ₹2 crore to Residents Welfare Association for the harassment caused due to the construction of the twin towers.
"While we have already refunded most of the customers in this project after the Hon'ble High Court, Allahabad decision passed in 2014 – we will further comply with the Hon'ble Supreme Court directions as per the order passed," Arora said.
A bench of Justices DY Chandrachud and MR Shah had said that the April 11, 2014, verdict of the Allahabad High Court, which directed demolition of twin towers, does not deserve any interference.
The bench had said the construction of Supertech's twin 40-storey towers was done in collusion with NOIDA authority and the high court was correct in holding that view.
The apex court has directed that the twin towers should be demolished within three months under the supervision of NOIDA authority and an expert agency. Supertech has been asked to bear the cost of the entire exercise.
Meanwhile, the Supertech Chairman is confident that the SC order will not have any adverse impact on the company as every project has its own independent RERA Account and cost centre. He clarified that the Apex and Ceyane towers are not part of or linked to any ongoing project of the company.
Supertech group is developing 10 crore square feet across its projects, Arora said, while the two towers span over 6 lakh square feet, making up a mere 0.6 per cent of the company's total portfolio.
“Supertech is a financially stable and strong group. Work is going on at all our project sites as scheduled. We would like to reassure all our customers, bankers, vendors and other stake-holders that we will deliver all our projects in the scheduled time frame," he added.
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