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The demolition of Supertech twin towers is cold comfort for those who bought homes in Apex and Ceyane, with some of them still waiting for compensation.
“I had originally invested in a property worth Rs 42 Lakh in the Ceyane tower, in 2010. When the structure was declared illegal, it was a blow to my entire family. Both the builders and the Noida Authority are responsible. If it was illegal, it should not have been approved in the first place… it just became a tower of corruption,” said real-estate businessman Punit Marwaha (53).
Marwaha said that based on the Supreme Court order that buyers were to receive a refund with 12.5% interest, he is owed a sum of over Rs 80 lakh. “For part of the value owed to me, I have been provided a plot in another one of Supertech’s properties. A sum of Rs 31.5 lakh is still pending… Seeing the tower come down was not pleasant, since my hard-earned money had been invested in it.”
Accountant Kshitij Verma (43), also a flat owner, agreed: “We took out a loan to get a property worth Rs 26 lakh in 2011 in Ceyane. We thought everything was legitimate and formalities were done. The stress of the matter took a toll on my father’s health. We are still waiting for the refund, since without it we cannot buy another property, and the whole time we have been paying interest.”
Supertech had earlier said in a statement that they had not made deviation from the building plans, and had acted in accordance with the then building by-laws. They added that a Supreme Court order had found the building unsatisfactory on “technical grounds” and that they respected the apex court order.
“We… are committed to deliver to remaining homebuyers under the scheduled time frame. We assure all our home buyers that the order of the Supreme Court will not affect any other project,” the group said.
Another homebuyer, Bhola Nath Verma, was among the luckier ones: “We had paid a sum of about Rs 40 lakh for a flat in Ceyane in 2009. We have been paid back the money we are owed except for a balance of Rs 4 lakh.”
UK-based Shobhit Gupta (45) , who works in the retail industry, said, “We had taken a loan of Rs 50 lakh in 2009 to invest in a flat in the Apex tower. When the original order came, it was frustrating to see, since it was supposed to have been properly approved. We were offered an installment-based plan, but were not confident about it. So we opted to take another Supertech property in exchange for the one that we had bought.”
Commenting on the demolition, he said, “In a way, there was also a sense of closure to the matter after the towers went down. But at the same time, we couldn’t get the flat which we wanted and had paid for. In the end, I think it’s a lesson for society that such a thing could happen, with norms being flouted.”
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