Noida Twin Towers: Apex Court Asks Builder To Refund Money To Buyers

Buyers of the twin towers at Noida's Emerald Court finally had a sigh of relief after months of anxiety. Holding that flat owners cannot be forced to wait indefinitely due to litigation, a bench headed by Chief Justice RM Lodha ordered the builder to refund the money to buyers.
"We had been asking for a refund and there were several rounds of interaction with the builder. We don't know the final implication of this order and who all shall benefit from it, but for those of us who wanted our money back, this is a boon," said Sudeep Manchanda, one of the group of buyers seeking a refund.

"The Supreme Court order is being welcomed by most of us who strategised this initiative to get our funds back. For a group of us, we wanted to get our money back so that we could get a reprieve from the double payments of monthly instalments and rents. So while Supertech was always ready to pay back the buyers in spirit, this order has only brought finality," said KK Mittal, another buyer who had sought a refund.

Responding to the Supreme Court directive, RK Arora, chairman and managing director of Supertech, said, "We will comply with the orders of the honourable Supreme Court to return the money to all those allottees who exercised their option for refund by April 30."

He also added, "We had sought options from allottees whether to get refund of their money or to get alternative flats in other projects, to be exercised up to April 30. Accordingly, the options received up to that date shall be disposed off as per the orders of the Supreme Court."