Supertech home buyers jittery after SC orders demolition of twin towers – ET RealEstate

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NOIDA: Rashmi Bondre and her husband Manish Kumar had booked a flat in Supertech‘s Eco Village I housing project at Greater Noida in April 2010 and were promised possession of their home by 2012.

They had hoped that even if the construction was delayed, they would move into their own home by 2013 and say goodbye to monthly rental accommodation.

Life seemed good for the newly-married couple but they did not get what they had wished for.

In 2021 now, the couple has two children, but the dream home that they had booked with Supertech is still in the making.

Like the despondent couple, there are many others awaiting their dream homes with the real estate developer having failed to hand over the flats despite crossing multiple deadlines.

On August 31, the Supreme Court ordered demolition of the twin 40-storey towers of Supertech’s Emerald Court project in Noida here for violation of building by-laws.

The apex court directed that the entire amount of home buyers be refunded with 12 per cent interest from the time of the booking and the Residents Welfare Association (RWA) be paid Rs 2 crore for the harassment caused due to the construction of the twin towers.

A bench of Justices D Y Chandrachud and M R Shah said the 2014 verdict of the Allahabad High Court, which directed demolition of the twin towers, does not deserve any interference.

The ruling has made home buyers, who have put in their hard-earned money in housing projects across the National Capital Region from Greater Noida to Gurgaon, jittery and dejected.

A day after the SC ruling, Supertech said the 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 stakeholders that we will deliver all our projects in the scheduled time frame,” it said in a statement.

However, buyers are less than enthused with the developer’s assurance.

Rashmi Bondre said her tower is “almost ready with only few works” while the no-objection certificate (NOC) as well as completion and occupancy certificates are yet to be obtained from the local authority.

“But a few families, after waiting for 10-11 long years, have shifted into the incomplete tower,” she told PTI.

“As far as the Supreme Court decision is concerned about demolishing the twin towers, it is a possibility that the builder will file for bankruptcy or deliberately lose ongoing cases in the National Company Law Tribunal (NCLT). Also, there seem very less chances of existing projects getting completed,” she feared.

“The builder is already in a cash crunch. From where will the company derive funds for demolishing and refunding in the twin towers case? Obviously, in order to honour the Supreme Court decision, funds from existing projects will be diverted again,” Bondre said.

“It was our lifetime mistake to book a flat with Supertech,” she added.

Amit Singh, who had also booked a 3BHK apartment in the same Eco Village I project in 2010, said he was assured delivery of his flat in 2013 but the deadline was extended to 2015.

Today, after six years, he has still not got possession of his flat. As much as 95 per cent of the apartment’s cost has been paid to the developers, he claimed.

“The SC order will definitely impact my project. It’s going to hit Supertech’s finances. The builder may leave out projects, that hardly have any ongoing construction, incomplete,” the 36-year-old IT professional told PTI.

In Gurgaon, Lakshay Singh says he booked a flat in Supertech’s Hill Town on Sohna Road in October 2015, with what appeared to be a promising housing project at the time, and was told he could move in by October 2018.

Like several other pending projects, Lakshay says the construction is less than 30 per cent complete till August this year.

“I do not know about the technicalities but during the past three years of my dealings with Supertech staff, I have been told they have a financial crunch. There was no lockdown until 2020 March, or force majeure condition. They were already in a crunch situation and this (Supreme Court order) would add to it,” he told PTI.

Lakshay added that he has paid 90 per cent of the Rs 67 lakh for the 1,390 square feet apartment that was booked.

Peeved over the delay, some 80 to 100 home buyers in the project have moved the consumer court for complete refund from the builder, he added.

Home buyers have also questioned the role of banks and local authorities as they blamed them too for their plight.

In its August 31 order, the Supreme Court had underlined “collusion” of the builder and the local Noida Authority that led to the construction of the multi-storey twin towers in Noida’s Sector 93A.

Anuj Singh, who works in a private firm, had also booked a 2BHK apartment in Supertech’s Hill Town project, which has set him back under a monthly instalment of around Rs 50,000 against the home loan he has taken from the bank.

As the COVID-19 pandemic hit the economy last year, the 40-year-old from Haryana’s Hisar district decided to move back to his hometown with his family, citing lower cost of living as compared to Gurgaon, where he stayed on rent.

“I am a part of the Hill Town home buyers’ group where we talk about the project and share updates related to it. Mostly people in the group feel Supertech may go bankrupt now. They are no doubt in fear, although, some are hoping for a refund through legal cases,” he told PTI.

“Ours is a genuine concern because it is not like we have put in our money for investment. We want to live there but we have got our money stuck now,” he said about the project, some 15-20 km outside Gurgaon city.

Anuj said the bank where he took the home loan has also raised the interest rate from 9.5 per cent to 11.5 per cent.

“I am 40-years-old now but will have to pay back the loan till I turn 75. I may even die by then,” he felt.

When asked for a possible solution to the long-standing issue, Anuj said the home buyers are told to move into some of Supertech’s other projects that are ready but laments that those apartments cost double the amount.

“There are almost 90 per cent people like me, who just cannot do it. They are already burdened under loans, EMIs and monthly rentals. They just cannot afford it,” he added.

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About 18,000 Amrapali flat owners have 15 days to stake claim – ET RealEstate

NOIDA: The names of some 1,800 investors in Amrapali projects in Noida who have not yet staked claim to their flats, were published in the newspapers on Thursday.

To resolve the issues of the buyers who had purchased flats in the projects floated by the real estate company in Noida and Greater Noida, the Supreme Court had appointed a court receiver. An inventory of more than 9,500 flats was prepared. Among them, close to 1,800 buyers from Noida are yet to submit their applications to stake claim to their flats.

According to Noida Authority officials, these buyers had invested in the projects floated by the group and their names were mentioned in the records maintained by the group housing department. However, these buyers have not come forward so far.

Officials said that some names of buyers could be fictitious, while some could be people who have shifted to other cities or passed away during the course of events. Such buyers have been given 15 days to come forward and submit the documents to the state-run NBCC in its office in Sector 76. The court receiver appointed by the apex court will examine the documents and update the records, officials said.

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Noida authority demolishes illegal structure in Assotech’s housing society – ET RealEstate

Noida authority has demolished part of a housing society in sector 78, which was constructed illegally.

The authority was under scrutiny after the Supreme Court ordered demolition of two illegal towers of Supertech’s Emerald Court. The SC had questioned the role of the authority.

Assotech pvt ltd was given permission to built five residential towers in sector 78. In tower H and F the builder had constructed offices and flats illegally. The residents had filed a complaint,” Noida authority said in a statement.

Noida authority had issued notices to the owner but no action was taken by them.

“Demolition was carried out on Saturday and some owners have requested to give them time to vacate the illegal flats. We have given them a week time after which demolition will be carried out,” the authority said.

Uttar Pradesh government has formed a four-member committee to investigate the role of Noida authority in the construction of illegal towers at Supertech’s Emerald Court, which the Supreme Court has ordered to demolish.

The Supreme Court also pulled up Noida authority.

“The record of this case is replete with instances which highlight the collusion between the officers of NOIDA with the appellant and its management,” SC had said.

The four-member committee is headed by Sanjeev Mittal, senior IAS officer and it has been asked to submit report within a week.

SC has said that the sanction given by NOIDA on 26 November 2009 and 2 March 2012 for the construction of T-16 and T-17 is violative of the minimum distance requirement under the National Building Regulations (NBR).

Noida authority has also initiated departmental enquiry against official who misguided the senior officers during the hearing in the matter.

The authority has said that it will take action against the builder and officers posted at that time, who sanctioned the building plans violating the prescribed norms.

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Noida: Seven group housing & an industrial unit has water dues worth Rs 8.16 crore – ET RealEstate

NOIDA: Seven group housing projects and an industrial unit here have water dues worth Rs 8.16 crore pending for the 2021-22 financial year as the Noida Authority on Wednesday issued recovery notices against them, officials said.

There are eight such units, including both categories, which qualify them as “big defaulters” as they have more than Rs 25 lakh in pending dues, they said.

According to an official document, the defaulters in group housing projects are two units of Assotech Contracts (India) and one each of SDS Infratech, Amrapali Eden Park Developers, Supertech Limited, Logix Infratech and Rani Promoter.

The lone industrial unit is GTS Private Limited in Phase II area of Noida, the document showed.

“RC (recovery certificates) worth Rs 8.16 crore have been issued to the big defaulters of group housing and industrial units over pending dues of the Water Department for financial year 2021-22,” Noida Authority CEO Ritu Maheshwari tweeted.

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