Summary:
We may state here that the High Court has directed refund with 14 per cent per annum compounded interest up to April 11, 2014. "As an interim arrangement, it is directed that the petitioner-developer shall deposit a further sum of Rs 10 crore before the Registry of this court. "As the principal amount has been paid to the home-buyers who fall in the categories (i), (ii) and (iii), some interest deserves to be paid. It also asked the real estate company to keep paying the EMIs on behalf of those home-buyers who have not opted out of its housing projects in question. The towers have 857 apartments, of which about 600 flats have already been sold.The apex court had on February 16, 2015 directed the Supertech to refund money to flat owners, saying, "Developers can't take investors for a ride.".