Supertech Group is developing 10 crore sq ft across its projects, while Apex and Ceyane tower only constitutes a mere 6 lakh sq. ft which is 0.6 percent of the total portfolio, he added.
Realty firm Supertech Ltd on Saturday said it will file a review petition against the Supreme Court order to demolish the company's twin 40-story towers in Noida while asserting that the buildings were constructed as per the bye-laws with approval of the competent authority.
Last week, the apex court had ordered to demolish the twin 40-story towers, which are part of the Supertech's Emerald Court project in Noida, Uttar Pradesh.
"While we respect the Hon'ble Supreme Court order, we have decided to re-present the matter before the Hon'ble Supreme Court in a review application as the towers were constructed as per the approval of the competent authority conforming to the Building bye-laws," Supertech Chairman R K Arora said. He said in a statement that the Apex and Ceyane towers are not linked to or part of any ongoing project of the company.
Supertech Group is developing 10 crore sq ft across its projects, while Apex and Ceyane tower only constitutes a mere 6 lakh sq. ft which is 0.6 percent of the total portfolio, he added.
"While we have already refunded most of the customers in this project after the Hon'ble High Court, Allahabad decision passed in 2014 – we will further comply with the Hon'ble Supreme Court directions as per the order passed," Arora said.
Supertech's chairman exuded confidence that the order will not have any adverse impact on the company as every project has its own independent RERA Account and cost center.
"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," Arora said.
In its order, the Supreme Court directed that the entire amount of homebuyers be refunded with 12 percent interest from the time of the booking. The Residents Welfare Association 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 had said that on April 11, 2014, the verdict of the Allahabad High Court, which directed the demolition of twin towers, does not deserve any interference.
The bench had said the construction of Supertech's twin 40-storey towers having 915 flats and shops was done in collusion with NOIDA authority and the high court was correct in holding that view.
The apex court ordered that the demolition exercise of the twin towers be carried out within three months under the supervision of NOIDA authority and an expert agency, and the cost of the entire exercise has to be borne by Supertech Ltd.
