#RealtyNewsRoundUp: SC Tells Supertech To Refund Emerald Court Buyers With 12% Interest

Providing relief to 135 homebuyers, who opted out of realty estate major Supertech’s Emerald Towers project in Noida, the Supreme Court on July 30 directed the company to deposit Rs 20 crore ─ Rs 7 crore by September 5 and Rs 13 crore by November-end ─ to refund money.  These buyers will get a simple interest on 12 per cent on their investment. The company needs to deposit Rs 35 crore to refund the buyers. Of this, Rs 15 crore has already been deposited by Supertech.

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State-run National Building Construction Company (NBCC) is likely to take up the stranded projects of Amrapali and Jaypee to ensure completion, and hand them over to their bona fide owners. In return, NBCC has sought full control of the finances through an escrow account.

Meanwhile, the government is looking to pool land owned by loss-making public sector companies and hand it over to NBCC to develop it and realise value or sell it through a bidding process.

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The Delhi High Court in an interim order halted the construction and the selling of high-rise buildings around Indira Gandhi International (IGI) Airport. The order was passed after the court was told that there were around 20 buildings in the list of obstacles that were under construction. These buildings are mainly being constructed in Dwarka and Vasant Kunj. At the same time, the court also asked the civic agencies of Delhi, Gurgaon and Noida to ensure that no new sale of properties near airport takes place till further orders.

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Real estate may get a tax boost from the government, with the NITI Aayog, the government’s policy think tank, in consultation with the urban development ministry, making a case for a clutch of incentives for the sector. The body has suggested bringing stamp duty on property purchase under the Goods and Services tax as a key measure to boost the sector.

Source: Media reports