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Realty firm Amrapali, which has been worst affected by the Supreme Court judgement regarding land acquisition in Greater Noida, today said it is refunding the entire amount to home buyers who have opted out from its township in the area.
However, another badly affected developer Supertech has sought legal opinion on returning the service tax that was collected from consumers.
Amrapali will have to return 40 acres of land to farmers following the apex court upholding the Allahabad High Court's order quashing the acquisition of 156 hectares (nearly 400 acres) of land in Greater Noida.
About 4,000 buyers in Amrapali's 'Smart City' township have been affected because of the court order.
"About 3,500 buyers have been relocated to our other projects. For those who have decided to take refunds, the company is returning the entire amount, including the service tax," Amrapali Chairman and MD Anil Sharma told.
Sharma said the company will at present refund the service tax from its own account and later recollect it from new buyers in case the authorities renegotiate with farmers and allow builders to develop projects on the same land.
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