Supertech Chairman RK Arora assured that the top court’s order will not have any adverse impact on the company or its Group companies as every project has its own independent RERA account and “cost centre”.
“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 byelaws,” Supertech Chairman RK Arora said in a statement.
The Supreme Court had on Tuesday ordered demolition of the towers at Supertech’s Emerald Court project in Noida for violation of building norms. The court said the construction of the twin towers was done in violation of building byelaws and in collusion with NOIDA authority. It gave three months time to carry out the demolition under the supervision of NOIDA authority.
Arora said Apex and Ceyane towers are not linked to or part of any ongoing project of the Supertech Group.
“Supertech group is developing 10 crore sq ft across its projects, while Apex and Ceyane towers only constitute a mere 6 lakh sq.ft which is 0.6 per cent of the total portfolio,” he said.
On April 11, 2014, the Allahabad High Court had ordered demolition of the two buildings within four months and the refund of money to apartment buyers. The Supreme Court, in its order, asked Supertech to refund to all flat owners in the towers the amount invested for the allotted flats along with interest at the rate of 12 per cent per annum, payable with effect from the date of the respective deposits. It also asked the company to pay Rs 2 crore to RWA within a month.
Arora said the company had already refunded most of the customers in the project after the order of the High Court, and will further comply with the directions of Supreme Court as per the order passed.
He also assured that the top court’s order will not have any adverse impact on the company or its Group companies as every project has its own independent RERA account and “cost centre”.
“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,” Arora said.