Supertech Emerald project: SC directs constitution of online portal for flat investors

New Delhi: The Supreme Court on Friday directed the constitution of an online portal by October 23 to deal with the grievances of home buyers who had booked flats in Supertech's twin Emerald Towers project at Noida.

A bench headed by Chief Justice Dipak Misra  said that the consumers can register themselves on the portal and they will be given back their principal amount along with 14 percent interest.

During the hearing, lawyer Akhilesh Kumar Pandey, appearing for some home buyers, said his clients did not want the flats in the twin towers but wanted their money back with interest.

The bench appointed advocate Gaurav Agarawal as an amicus curiae and asked him to make operational the web portal which would contain the entire details of home buyers of these twin towers and the money paid by them and refunds, if any, made by the real estate firm.

Earlier, on August 14, the SC had directed Supertech to deposit Rs 10 crore for refunding money to the investors, who want to opt out of its Emerald Towers project which has two 40-storey residential buildings in Noida.

The bench is hearing pleas against the Allahabad High Court's April 11, 2014 verdict ordering demolition of the two 40-storey residential twin towers--Apex and Ceyane--in Noida and directing Supertech to refund money to homebuyers with 14 percent interest in three months.

The towers have 857 apartments, of which about 600 flats have already been sold.