The Supreme Court of India has upheld an order directing NBCC to complete 16 delayed housing projects of Supertech Limited, providing relief to thousands of homebuyers who have been waiting for nearly two decades.
The Supreme Court of India has upheld an order directing NBCC to complete 16 delayed housing projects of Supertech Limited, providing relief to thousands of homebuyers who have been waiting for nearly two decades.
Observing an "unholy nexus" between the banks and developers to dupe homebuyers, the Supreme Court on Tuesday directed the CBI to register seven preliminary enquiries against builders in NCR, including Supertech Limited.
Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said "there has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
In the wake of the Supreme Court order on razing of the illegal twin towers of Supertech, NOIDA CEO Ritu Maheshwari on Monday said the demolition process will begin on site within two weeks. She said NOIDA (also called the Noida Authority) has already convened a meeting on Wednesday at 12 noon in compliance with the apex court directives. The SC on Monday directed it to commence "within two weeks" the demolition of the realty major's twin 40-storey towers of its Emerald Court project in Sector 93A of the city.
The Supertech twin towers in Noida were demolished on Sunday, a year after the Supreme Court's direction to raze the illegally built structures to the ground. The nearly 100-metre-high structures - taller than Delhi's iconic Qutub Minar (73 metres) - were brought to the ground in seconds literally like a house of cards by the 'waterfall implosion' technique, in a breathtaking spectacle of modern day engineering. They were the tallest structures to be demolished in India.
The Supreme Court Friday assured the home buyers of the to-be-razed 40-storey twin-towers of real estate firm Supertech in Noida that they will be refunded the full amount deposited with the builder. The apex court also asked the Interim Resolution Professional (IRP) of the firm, facing insolvency proceedings, to deposit Rs one crore with the apex court registry. The Supertech's 40-storey twin towers at Emerald Court Project of Sector 93A of Noida are scheduled to be razed on August 28.
As the demolition date of Supertech twin towers in Noida, Uttar Pradesh, inches closer, the company entrusted with the tricky task is putting the finishing touches to its preparations.
Supertech Managing Director Mohit Arora said the company will file a review petition in the SC.
Supertech also plans to file an SLP in the Supreme Court.
It was the relentless pursuit of justice over a decade by a group of senior citizens that resulted in the Supreme Court's order for demolition of the illegal 40-storey twin towers of a real estate group in Noida.
The apex court directed Supertech to pay 10 per cent per month of the invested amount from January 5, 2015 to 17 home buyers, who are before the court, within four weeks
The towers -- both taller than Delhi's iconic Qutub Minar -- will be brought down in less than 15 seconds by waterfall implosion technique. They will be the tallest structures yet in India to be demolished, officials said.
Supertech's revenues zoomed to Rs 1,874 crore in 2012-13, from Rs 218 crore in 2007-08, on the back of a real estate boom.
Possession of the flats in Supertech project has already been delayed by over a year.
Many likely to be in trouble if restive consumers also petition the courts.
The high court had ordered demolition of Supertech's two under-construction towers in the real estate firm's Emerald Court project.
Experts tracking the sector say the scheme is aimed at clearing inventory and boosting sales
The sale of 250 units within 60 days definitely sets a yardstick
On Sunday, August 28, a series of controlled explosions reduced the 100-metre tall Supertech twin towers structures in Noida to a huge pile of rubble.
Sharma was booked for raping the 19-year-old woman on Friday after finding her alone in her apartment in Supertech Ecovillage Society in Noida Extension, where he had gone to deliver an order, the police said.
"There is no law and order situation. The matter has been resolved. The deployment of police is part of precautionary measures," Dixit told PTI.
The NCR and the MMR together account for 77 per cent of 10 big housing projects stuck because of developers' bankruptcy or litigation.
Riyaz and his wife have travelled 200 km from Agra in the heat to fulfil their five-year-old grandson's wish of witnessing the 'historic' demolition of Supertech twin towers in Noida on Sunday.
The scenes after the demolition of the Supertech twin towers in Noida, in pursuance of a Supreme Court order that found the structures were built in violation of norms.
As the nearly 100-metre-tall Supertech twin towers were razed to the ground on Sunday, doctors said people living nearby, especially those suffering from respiratory diseases, should take extra care and avoid the area for a few days if possible.
Bhalla's account was echoed by a cross-section of residents of Delhi-NCR after a 6.6 magnitude temblor on Tuesday night was felt across large swathes of northern India as the earthquake struck the Hindukush region in Afghanistan.
While Emerald Court would take one more day to be cleaned, the work at ATS Village could extend up to seven days due to more rubble and dust on the premises, according to officials.
The Supreme Court on Wednesday directed real estate giant Supretech to give back money to flat owners who had sought refund of their investments within a month after its 40-storey residential twin towers Apex and Ceyane in Noida were directed to be demolished by Allahabad High Court.
For years, buyers have been at the mercy of property developers. But that is beginning to change.
Counted as a judge who enriched the 'verdict docket' of the apex court, Justice Chandrachud is viewed as sharp, articulate and forward looking.
Dhananjaya Y Chandrachud, however, had no qualms about overturning the judgements of father Y V Chandrachud on hot- button issues like adultery and the right to privacy.
Builders are likely to provide inappropriate details to home buyers.
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Supertech asked to refund money to flat owners within 30 days.
Signalling bounce back of the real estate sector after a prolonged slowdown, developers including Supertech and Ansal API, announced investments of nearly Rs 8,000 crore on projects over the next four years.
Amid a scramble for fresh land, as vertical growth becomes severely restricted, prices are likely to rise 20 per cent, pushing up apartment prices, too.
Noida is going vertical with several high-rise luxury apartment complexes, malls and offices in the works. But are these safe?
Real estate players say they are in talks with companies to build their customised stores in India.
However, leading real estate players like DLF and Unitech denied being in talks with any foreign brands.
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