The now-notorious Supertech twin towers in Sector 93 A of Noida were demolished within seconds on Sunday, August 28. Over 3,700 kg of explosives were used to bring down the structures in pursuance of a Supreme Court order that found their construction in violation of norms.
The well-chronicled demolition brought an end to a decade-long legal tussle over the future of the two towers, Apex and Ceyane. However, for homeowners, the demolition has been bittersweet. For many, the demolition meant that they will never be able to own the houses that they had dreamt of, thanks to the loop of corruption at the New Okhla Industrial Development Authority (NOIDA) and Supertech.
While the Supreme Court has assured homeowners of a full refund, the compensation might not be enough for many to look for homes in the area. The Supreme Court has asked Supertech to fully refund homeowners if they do not want any allotments in other Supertech properties, along with 12.5 percent interest.
As the prices of the apartments were close to Rs 40-50 lakh around 2009, the refund would amount to roughly twice that, along with the 12.5 percent interest. However, at the same time, the prices of property around the area have soared 4X.
“Price appreciation has been exceptionally well
The top court has asked the Insolvency Resolution Professional to ensure that homeowners are paid at least paid Rs 1 crore.
"In the meantime, in order to ensure that the home buyers 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 1 crore with the registry of this court on or before September 30", the Bench said.
