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Mayursinh Kumpavat 26th Sep

Create a web portal on which the 600-odd homebuyers in Emerald Court housing complex in Noida could indicate whether they wanted refund of their money

NEW DELHI: It was the turn of real estate major Supertech to face the music in Supreme Court on Friday after the court told developers Jaypee Infratech and Unitech earlier this week that they could not escape either refunding money or giving possession of flats to homebuyers.

A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud appointed advocate Gaurav Agrawal as amicus curiae and asked him to create a web portal on which the 600-odd homebuyers in Emerald Court housing complex in Noida could indicate whether they wanted refund of their money.

When some lawyers, who have invested in Supertech’s 40-storey twin towers in Emerald Court, said they would prefer to take flats instead of refund, the bench said a clear choice will have to be made and those who do not opt for refund now would not be permitted to do so in future.

The SC asked the amicus curiae to prepare a list of homebuyers who preferred refund and asked Supertech to see that all of them were returned their principal investment amount with 14% interest.

Supertech’s counsel Salman Khurshid and Keshav Mohan informed the court that nearly Rs 110 crore had been refunded to homebuyers and said the realtor was ready to return money to all those who wanted to reclaim their investment. The court asked Supertech to give details of refund to the amicus, who was asked to submit a report on October 23.

On April 12, 2014, the Allahabad High Court had ordered authorities to demolish the 40-storey ‘Apex’ and ‘Ceyane’ towers in ‘Emerald Court’ complex in Noida’s Sector 93A on finding that the builder had “by joining hands with officers of the development authorities flouted every conceivable rule, including building regulations”. On appeal by Supertech, the SC stayed the demolition but asked the builder to refund money to homebuyers with 14% interest.

A petition by ‘Emerald Court Owner Resident Welfare Association’ had alleged that construction of the two towers was “in complete violation of UP Apartment Act, 2010”. The association had also challenged the reviewed plan for construction of the two towers in violation of Noida Building Regulation and Directions, 2010.

The petitioners had alleged that the Noida Authority had given permission for raising the height of the two towers, which were earlier supposed to have only 24 floors, “without maintaining the mandatory distance of 16 metres from an adjoining building block, making it unsafe, apart from blocking air and light”. Through a sanction order of March 2, 2012, Noida authorities had permitted raising of the towers\' height from the sanctioned 66 metres to 121 metres.

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Mayursinh Kumpavat 26th Sep

The Noida-based firm also plans to launch next month a sports-centric housing project in Noida Extension (Greater Noida - West) where it would develop over 4,500 flats/villas at a cost of Rs 1,100 crore

NEW DELHI: Realty firm Supertech has raised Rs 350 crore from L&T Finance to fund an ongoing housing project in Greater Noida.

The Noida-based firm also plans to launch next month a sports-centric housing project in Noida Extension (Greater Noida - West) where it would develop over 4,500 flats/villas at a cost of Rs 1,100 crore.

\"We have raised Rs 350 crore from L&T Finance for our Eco Village-I project at Noida Extension,\" Supertech Managing Director Mohit Arora told .

The company is developing 7,500 flats in this project, he added.

Supertech Chairman R K Arora said the money raised is in the form of debt.

The company has already delivered 2,000 flats in the Eco Village-I project and the funds will be utilised towards completing the remaining 5,500 apartments, he added.

In view of the slowdown in the property market, real estate developers are raising funds from private equity players and other financial institutions to complete their projects.

Supertech has two more projects in Noida Extension -- Eco Village II and Eco Village III comprising 7,500 and 5,000 apartments, respectively. In these three projects, the company is developing around 20,000 flats, of which 16,000 units have been already sold.

Managing Director Mohit Arora said the company is focusing on delivery of existing projects and has targeted to complete 10,000 flats annually for the next 4-5 years.

He said the company has delivered 20,000 units in the last three financial years.

On sales, he said the company expects bookings to bounce back this year on the back of increased demand for affordable homes in the Delhi-NCR market after many incentives announced by the government for low-cost homes.

Its sales had fallen to about Rs 1,500 crore last fiscal from around Rs 3,000 crore in the previous year.

Supertech has projects in Noida, Greater Noida, Ghaziabad, Gurugram, Meerut, Muradabad, Dehradun, Haridwar, Rudrapur and Bengaluru.

L&T Finance is the financial services arm of engineering major L&T.

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Mayursinh Kumpavat 26th Sep

In a breather to flat buyers, the Supreme Court on Friday directed that an online portal be set up for those seeking a refund of their money invested in the Supertech’s Emerald Court project in Noida.

Flat buyers, Emerald Court, Supreme Court, Noida, Supertech Emerald Court
In a breather to flat buyers, the Supreme Court on Friday directed that an online portal be set up for those seeking a refund of their money invested in the Supertech’s Emerald Court project in Noida.

In a breather to flat buyers, the Supreme Court on Friday directed that an online portal be set up for those seeking a refund of their money invested in the Supertech’s Emerald Court project in Noida. While appointing advocate Gaurav Aggarwal as the amicus curiae in the case, a bench headed by Chief Justice Dipak Misra said that the flat buyers should register their claims for refund on the portal and also asked the builder to refund the principal amount with interest at the rate of 14%, as directed by the Allahabad High Court. Supertech has so far deposited `20 crore with the Supreme Court registry.

The twin towers — Apex and Ceyane — in its Emerald Court residential project on Noida Expressway have 857 apartments, out of which 600 have been sold. The Emerald Court House on the outskirts of the capital has 15 other towers, fully built with residents living there. There are around 53 allottees out of around 600, who had sought refund of their amount after the HC had in April 2014 ordered the demolition of the two 40-storey residential twin towers and directed Supertech to refund money to home buyers with 14% interest in three months.
To safeguard the interests of home buyers, the apex court had last week issued similar directions to the buyers of real estate developer Unitech. Buyers were asked to specify on the website whether they wanted possession of their flats or refund of the money paid to the builder. Earlier, the Supreme Court had appointed state-owned construction company NBCC India to verify compliance of safety norms by real estate firm Supertech Builders in constructing the twin towers. The NBCC in its report had said, “The open space available between the two towers Tower 1 (Aster 2) and Tower 17 is less than 20.45 metres as prescribed in the NBC rules.

Thus from the above observations and inferences, NBCC concludes the opinion that the two towers, Tower 1 (Aster 2) and Tower 17 is not compliant with the REG 24.2.1(6)of Noida Building Regulations 2010.” The apex court had in July 2014 directed Supertech to refund within a month around Rs 35 crore to the allottees of the two towers, which have been held illegal by the HC. The HC had also asked Supertech to allot alternative flats within a month to those allottees who did not want a refund and had agreed to accept builder’s offer to opt for a flat in any other Supertech project.
The high court order had come on a petition of the Emerald Court Owner Residents Welfare Association, which had alleged that the approval and construction of the two towers was “in complete violation of the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Act”. The association has also claimed the authority had given permission to raise the height of the two towers, which was earlier supposed to have only 24 floors each, “without maintaining the mandatory distance of 16 metre from an adjoining building block”, making it “unsafe, apart from blocking air and light”.

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Mayursinh Kumpavat 31st Aug

This episode focuses on Supertech Builders, which dupe home buyers by confusing them between carpet area and super built-up area.

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SUPERTECH GOLF VILLAGE YAMUNA EXP WAY

Mayursinh Kumpavat 24th Aug

SUPERTECH GOLF VILLAGE YAMUNA EXP WAY

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Mayursinh Kumpavat 24th Aug

Premium high rise apartments that signifiy an elevated lifestyle. Its a part of Yamuna Expressway\'s most ambitious projects. Golf Village offers something for everyone. Choose to live in apartments which offer a panoramic view of a 9 hole golf course designed by Graham Cooke on one side and forested area on the other. The semi furnished units are available in 1, 2 & 3 BHK options. Located along Yamuna expressway,a 100 acre fully integrated township. Conceptualised by leading international space designers.
Playing golf is the privilege of the few and the chosen. Imagine then, living in one. Supertech presents the exclusivity of owning your own home amidst a sprawling golf course in Golf Country. Situated on the rapidly developing Yamuna Expressway, the Golf City is set to be a landmark. And the home of those in power.
The Golf Country is dotted with individual plots set among the scenic golf course. Pick from the few and the exclusive sites to make it your home. Walk out to play a game or just catch the sunrise over the greens. You could also choose from the tasteful villas and highrise apartments. Whatever your heart settles on, in the Golf Country, you will have settled on something special.

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Mayursinh Kumpavat 24th Aug

Supertech in Trouble After Roof of New Apartment Comes Crashing Down

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Mayursinh Kumpavat 24th Aug

Just days after Supertech was ordered to seal its flats in Noida for violation of sanctioned plan, the realty major faces trouble yet again. This after the roof of a brand new apartment came crashing down- injuring a 3-month-old baby. While Supertech has promised a new flat- the owners of the flat are shell-shocked.

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Laborers asked to vacate by Supertech

Mayursinh Kumpavat 24th Aug

Laborers asked to vacate by Supertech

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Mayursinh Kumpavat 24th Aug

The Supreme Court has ordered status quo on an order to demolish Supertech\'s two under construction 40 storey towers in the Emerald Court project of Supertech. The recent decision has been taken by Chief Justice RM Lodha who issued notices on a batch of petitions by the builder, the Noida authority and home buyers. All parties have been asked to maintain status quo. The SC has restrained Supertech from alienating any part of the buildings or creating any form of third party interests. The court was today hearing the builder\'s plea for immediately staying the Allahabad High Court Order on demolition of towers Apex and Ceyane being stayed. Notably real estate developer Supertech has filed an appeal against the high court\'s verdict. The two towers have 857 apartments in total. Of these, about 600 flats have already been sold.

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Mayursinh Kumpavat 24th Aug

Real estate major Supertech has received a stern message from the Supreme Court. The court said the company may \"sink or die\" but it will have to refund the buyer\'s money first. Supertech has been directed to refund money to 14 buyers along with interest of 10% per year. The order came in favour of homebuyers of the Supertech-twin-towers project in Noida. The company has also been ordered to clear all arrears within four weeks.

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Mayursinh Kumpavat 24th Aug

Real estate players, Supertech, lands its buyers in a big mess again. The building plan for its 100-acre township -Upcountry -on the Yamuna Expressway has been abondoned after two successive Chief Executive Officers of the Yamuna Expressway Industrial Development Authority pointed out that the builder had got a revised plan sanctioned on the basis of a forged letter. YEIDA officers recommends to lodge a FIR against Supertech.

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Mayursinh Kumpavat 24th Aug

Roof of Supertech flat falls down, sleeping kid has close save

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Builder\'s Fraud With Investors

Mayursinh Kumpavat 16th Aug

in the clashes of builder & authority & government a buyers facing a main problem

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Mayursinh Kumpavat 12th Aug

NEFOMA came up with a new issue of buyers . This time Nefoma
protested at the SUPERTECH office , Sector-58 Noida on 19th October

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