What is the fair way to compensate homeowners, by the property developers?

Property developer Supertech has recently come under the wrath of the Supreme Court for their venture Emerald Towers, a property development project in Noida, as they have been ordered by the Supreme Court to pay back the money to the 17 buyers who have invested their hard earned money as they shouldn’t be allowed to undergo this agony for the failures of Supertech.

A livid Supreme Court bench has instructed Supertech to pay back the money to those seventeen homebuyers within four weeks as they are least concerned whether the company tanks or shuts down.

A recent poll regarding this concern was conducted by the Times of India with respect to what would be the right way to pay those homebuyers. Close to thirty thousand subscribers of times of India took this poll.

The first question on the poll was:

If a property developer fails to complete a project in a proposed time, what would be a fair way to repay the buyers?

A mammoth 24,482 voters said an ideal way to repay the buyers would be with a punitive interest on money paid. Close to four thousand believed a reimbursement would be fair. Thousand three hundred readers believe that giving extra area to buyers as reward would be great and eight hundred and forty believe that added facilities given to those buyers on the property they have bought would be flattering.

Read On: Home Buyers will face Delay

The second question on the poll was:

What should be the amount of monetary reimbursement for owners?

Close to 19,192 readers said that any form of reimbursement that covered the buyer’s interest which they have taken out on loan for the house. 7000 readers claimed that the reimbursement should be set up in such a way that it should match with the returns of the buyers fixed deposits. Around 4,325 readers stated that they would be content with an agreement of reimbursement between the property developer and buyer.

The third question on the poll was:

Who gets to decide to fix the stipulations for reimbursement?

13,000 readers said that they would like to see an autonomous administrative body draft the terms for reimbursement. 12,000 people voted for the government to set up the conditions. And 5,510 preferred the conditions be set between the arrangement of both the buyer and property developer.




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