Amidst regular complaints filed by investors against various real estate development companies in the state of Haryana, RERA has directed Supertech to refund the money of investors. The Haryana bench of RERA has asked the company to give back the amount gathered from buyers in the name of a housing project. Indeed, the company had not been true to their commitments and didn’t give the possession of residential units to them. This is the reason that the Haryana’s bench of RERA headed by K K Khandelwal observed that Supertech has cheated on the investors though their pre-launch booking amounts and have not got the license to start the project yet.
Stating it to be a clear cut case of fraudulence, the investors were lured with exclusive brochures, advertisements in newspapers and big promises that have not been fulfilled at all. And in this matter, there has been refund asked by the investors. Certainly speaking, the order has been passed because of the recurrent complaints made by Davinder Singh Babla and many others from Chandigarh. As per the complaints go by, the real estate company issues an advertisement in 2014 stating to invite applications for the project called Supertech Hues at Sector 68 Gurgaon. Falling prey to the claims made by the company, the total amount invested by the investors in buying residential units was Rs. 75,54,360 without taxes.
Designated as Counsel for the complainant, Aftab Singh Khara acquiesced the complaint that as per the agreement implemented on June 20, 2014, the ownership of the flat had to be handed over by December 2017 with six months of grace period. According to him, the real estate builder constructed only structure of the apartments and no methodical development has initiated at the site. It was at the time of hearing the case that company admitted to collect pre-launch booking amount. It also, stated that the license was obtained immediately within a span of 5 days after the booking were taken.
Indeed, the final verdict came out in the favor of investors. The court ordered Supertech to refund the money of investors with an interest of 10.45 percent per annum. It also kept a deadline of paying back the amount to investors as 90 days. This raised a hope amongst investors that they will get their money back. Of course, Supertech has been a well-known real estate company and the case of fraud has left a mark on their market reputation.