BIG BLOW FOR REAL ESTATE MARKET IN NOIDA
A big shock for Supertech Pvt Ltd and rising real estate market in noida , The Allahabad high court on Friday ordered the demolition of two 40-storeyed residential towers of Supertech’s Emerald Court in Noida’s upscale Sector 93A for flouting building norms, a ruling that sent shock waves across the booming real estate market in the National Capital Region.
A division bench of justices V K Shukla and Suneet Kumar ordered the demolition of the towers “within a period of four months” and ordered the builder to refund their money with “14% interest compounded annually”. The court also directed the 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, part of Emerald Court Group Housing Society located near the Noida-Greater Noida expressway, were allegedly being constructed as an extension of a larger 70,000 square metre project costing about Rs 750 crore. The existing project was initiated in 2006, when permission was allegedly granted for 15 towers with just 11 storeys each. In 2009, a revised plan, including Apex and Ceyane, was submitted to the Noida Authority by purchasing additional floor area ratio, and got approved.
The two towers are in an advanced stage of construction. More than 21 floors have been constructed in Apex and 17 in Ceyane. Both towers are to have 14 flats on each floor. Each tower is also proposed to have a penthouse.