The Allahabad high court on Friday ordered demolition of two 40-storey residential towers of Supertech’s Emerald Court in Noida upscale sector 93A for flouting building norms,a ruling that sent shock waves across the booming real estate market in the NCR.
A division bench of justices V K Shukla and Suneet Kumar ordered the demolition within a period of four months and directed the builder to refund home buyers money with 14 per cent interest compounded annually.The court also ordered prosecution of the builder and officials of Noida Authority which allowed the construction. The two towers Apex and Ceyane together have 857 flats whose price ranges from Rs 40 lakh to Rs 1.2 crore. Only 230 flats in the two under-construction towers remain unsold.The two towers are part of Emerald Court Group Housing Society located near the Noida-Greater Noida expressway.
In 2006,Supertech launches Emerald Court in Noidas Sector 93A Gets permission for 15 towers of 11 storeys each.But in 2009,adds two 40-storey towers with 85 flats;21 storeys already built RWA moves court in 2012,saying this was in violation of UP Apartment Act HC orders demolition,tells builder to return money to home buyers with 14 per cent interest Supertech says will move SC as buildings have approval of Noida Author.