Noida Twin Towers demolition: What happens to flat buyers now, will they get their money back?

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Noida: Supertech twin towers, which were in Noida sector 93A, razed down on Sunday at 2:30 pm, closing the curtains of Noida's contentious skyscrapers. Though the building is gone, the battle isn’t over yet. Many flat buyers who had invested to purchase flats in the buildings are still left to be paid by the Supertech. 

652 out of 711 flat buyers who had invested in the buildings have agreed on the settlement with the Supertech company.  Under  the settlement process, two options were given, either to take base amount + interest or property equal to market/ booking value + interest. Supertech collected around Rs 180 crore from customers and the towers were built an approximate cost of Rs 70 crore.

However, still 59 homebuyers have been left to be paid by the Supertech. The case for 59 flatbuyers was pending in the court until the Supreme court gave the company order to initiate the process of the settlement with them.

In the recent hearing of the matter, three judge Supreme Court bench has directed the interim resoultion professional of Supertech (IRP) to deposit Rs 1 crore by September 30 with the apex court registry so the interim relief process to flatbuyers could be initiated.

The Supreme Court said, “In the meantime, in order to ensure that the homebuyers who are covered by the judgment of this court get some refund of their outstanding dues, we direct the IRP to deposit an amount of Rs one crore with the registry of this court on or before September 30."

Petitioners claimed that a total refund of Rs 5.15 crore to the consumers is still pending and that the matter has been discussed with the officials of CRB and Supertech.

As per some reports, the market value of the buildings were around Rs 700-800 crore despite having a legal battle. It might have touched Rs 1000 crore if it hadn’t had any legal issue as it was built in one of the costliest areas in Noida. It is spent Rs 17 crore to demolish the building with the waterfall implosion method, in which the building collapses inward.

What’s the case with Twin Towers

Supertech Emerald Court project in Noida sector 93A was begun in 2004. Under this project Supertech was constructing twin towers. Initially, the plan contained only ground and nine floors in both towers. However, with the passage of time, the company persuaded the Noida development authority to relax the compliances. The latter passed orders many times to allow the company to raise the levels of the buildings, violating the UP Apartment act.

This led to many legal battle in the courts with the local residents blaming the buildings' massive heights to block sunlight and fresh air.

Finally, in August 2021, SC ordered the company to demolish the building at its expenses by taking help with Noida authority as their constructions violated the minumun distance requirement.

The apex court also said Supertech and the Noida Authority engaged in a “nefarious complicity". It then ordered Supertech to demolish the buildings at its expense, under the guidance of the Noida Authority.