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Sink or die, homebuyers need to be paid back: SC

Supreme Court directs to Supertech to pay 10% investment returns to homebuyers

Policy Pulse
Publish Date: Sep 7 2016 1:44PM | Updated Date: Sep 7 2016 3:59PM

Sink or die, homebuyers need to be paid back: SC

The Apex Court on Tuesday directed builder Supertech to pay 10 per cent of invested money per annum as investment returns to 14 people who booked houses in Noida twin towers project, starting January 2015, and to clear any arrear within four weeks. 

 

"You sink or die, we are not concerned. You will have to pay back money to homebuyers. We are least bothered about the financial status," the court told the builder and directed it to submit a detailed chart of payment to 14 buyers at the next hearing on October 25. 

 

Supertech said it's already paying return on investment (ROI) to buyers. "We are giving homebuyers ROI on their payment. This will continue till the case is finalised," said RK Arora, chairman at Supertech. 

 

The company in a statement said, "Few allottees of our Apex & Ceyane Towers who were taking return on investment from us, went to Hon'ble Supreme Court seeking refund of their investment. The Hon'ble Supreme Court directed the company vide its order today to continue their ROI till main matter is decided, and further directed to clear if any ROI payment is pending, within four weeks." 

 

Shoeb Alam, counsel for the some of the homebuyers, said, "We argued that Supertech be directed to refund the entire amount paid by the homebuyers along with 14 per cent compound interest from the date of payment till the high court judgement."