Supertech moves SC to save Noida twin towers
May 01, 2014
Source : The Times of India


NOIDA: Real estate major Supertech on Wednesday filed a special leave petition in the Supreme Court against the Allahabad high court’s order to demolish two residential towers in Noida’s Sector 93A for flouting building norms.

Homebuyers in the two 40-storey towers – Apex and Ceyane – have already moved the Supreme Court.

“We have constructed Apex and Ceyane towers in conformity with the Noida Authority’s bylaws and the National Building Code 2005,” said Supertech chief R K Arora. “Our representatives could not present the facts properly in the Allahabad high court. We have all necessary approvals in place and our team will represent the facts properly and we are confident that we and our buyers will get relief from the apex court.”

Arora added, “Apart from approvals, we started construction according to the layout plan sanctioned by the Noida Authority. There is no illegality in the project; this is the reason buyers are still associated with us. Protection of the homebuyers’ interest is the top priority of the company.”

The company has already offered homebuyers in the two towers three options – a cash refund at 14% compounded interest as ordered by the high court, a shift to any other ongoing Supertech project proportionate with the investment in Apex and Ceyane, or continue in the same project and wait for the legal outcome.

“So far, only 1-2% buyers have wished for a cash refund at 14% compounded interest. Rest of the buyers want their flats in the twin towers. Earlier we had given buyers an April 30 deadline to decide on which option they want but now we have revised the date to May 31,” Arora said.

On April 11, a division bench of justices V K Shukla and Suneet Kumar had ordered the demolition of the towers “within a period of four months” and also directed the prosecution of the builder and officials of Noida Authority for allowing the construction. The Noida Authority is also considering filing a special leave petition in the Supreme Court.

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