Explained: What happened to investors of Twin Towers, how many people got their refunds back?

New Delhi: Noida’s renowned Supertech Twin Tower is set to be razed off to dust with explosives over 4,000 Kgs on Sunday. The entire process will reportedly be completed in just 15 seconds, preparations for which have been completed by the authorities.

However, the consumers who had invested in the project to buy flats in the Supertech Twin Towers are clouded as they have not received a refund yet.

Those who made payments in order to get a living space in the towers are demanding the court to get them a full refund of the paid amount.

In a recent hearing in this matter, a three-judge bench headed by Justice DY Chandrachud had said that an IPR worth Rs 1 crore has to be deposited in the Supreme Court registry by September 30 this year so that some amount of refund can be initiated to the homebuyers.

The counsel for the petitioners had claimed that a total refund of Rs 5.15 crore to the consumers is still pending and that the matter has been discussed with the officials of CRB and Supertech.

According to the news reports, a total of 711 customers had booked flats in the Twin Towers, out of which 652 have agreed on a settlement with Supertech. Under the settlement, the refund option including booking amount and interest was tried wherein the consumers were provided property equal to market or booking value + interest price.

Further, if the property was worth more or less in value, an additional amount was provided.

However, of those who were given cheaper properties as a refund, not all have yet received the remaining amount. Reportedly, 59 customers of Twin Towers have not received a refund yet.

For the unversed, Noida’s Supertech Twin Towers are being demolished owing to the alleged violation of building codes.