Why Refund Cannot Guarantee Home Near Noida Twin Towers For Home Buyers

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Noida’s Supertech Twin Towers were destroyed in seconds, literally like a house of cards, on August 28. The twin towers comprising Apex (32 floors) and Ceyane (29 floors) were 100 meters high and were destroyed with over 3,800 kg of explosives in the meticulously executed demolition.

What Happens Now To Homebuyers Who Had Invested In Noida Supertech Twin Towers

On Friday, the Supreme Court assured that all home buyers of the 40-storey twin towers in Noida will get back the full amount deposited with the real estate company Supertech. A bench of judges DY Chandrachud, AS Bopanna and JB Pardiwala said the twin towers homebuyers will get their full refund, but for now they will be paid from 1 crore, which will be deposited by the IRP by September 30.

Sanjay Kumar, Business Manager, Berkshire Hathaway HomeServices Orenda India said for homebuyers, buying a house in the same neighborhood will be a remote possibility.

“Price appreciation has been exceptionally good in the Noida market somewhere around 4X since the days of the twin towers, even if Supertech pays back with interest as directed by the supreme court, buying a house in the same neighborhood will be a remote possibility, at the same time homebuyers now have more luxurious and practical options to choose from,” said Sanjay Kumar.

Indian real estate is one of the most important sectors of the Indian economy and contributes nearly 8% of GDP. Ankit Kansal – Founder and MD, 360 Realtors said the developer was instructed to compensate buyers including an interest rate of 12% per annum.

He added that it seems like a near-perfect proposition, if not the best.

The Delhi-NCR real estate market is one of the largest in India. According to Anarock, the current average residential property prices for Noida and Greater Noida are 5,120 per square foot and 3,750 per square foot, respectively, while price appreciation over the past five years has been 8% and 15%, respectively.

The Supreme Court had ordered the twin towers to be demolished on August 31, 2021, upholding a verdict from the Allahabad High Court. She considered that illegal constructions should be strictly repressed to guarantee respect for the rule of law.

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