Noida Twin Towers: According to Supertech Ltd’s chairman RK Arora, the company’s twin towers in Noida were demolished, resulting in a loss of roughly 500 crore rupees, including construction and financing charges.
According to a Supreme Court judgement that determined their construction inside Emerald Court premises to be in breach of standards, the approximately 100-meter-tall twin buildings Apex and Ceyane were dismantled at 2.30 pm on Sunday.
In this operation, explosives weighing more than 3,700 kg were deployed. About 20 crore is the anticipated cost of the demolition alone.
“Our overall loss is over 500 crores, when you factor in the money we spent on land and construction, the fees we paid to authorities for different approvals, and the interest we paid to banks over the among other charges, Mr. Arora said, “included the 12 percent interest paid back to buyers of these two towers over the years.
The Emarald Court development by Supertech at Sector 93 A on the Noida Expressway included these twin towers. Roughly 700 crore is thought to be the current market value of the over 900 units in the two towers.
According to Mr. Arora, the combined built-up area of these two towers is almost 8 lakh square feet.
He continued, “We built these skyscrapers in accordance with the building plan approved by the Noida Development Authority.
When asked how much it would cost to demolish the buildings securely, Mr. Arora responded that Supertech would pay Edifice Engineering 17.5 crore, including the cost of the premium for a 100-crore insurance policy. There are a number of additional expenses related to the destruction as well.
For the project, Edifice hired South African specialists Jet Demolitions.
The Supreme Court ordered the twin towers to be demolished in August of last year and mandated that homebuyers receive a full refund with interest calculated at 12% from the date of booking.
In addition, the Supreme Court mandated that the Residents Welfare Association be compensated with 2 crore for the harassment brought on by the twin towers’ construction.
The court had ruled that Supertech’s twin 40-story towers, which contain 915 apartments and 21 shops, were built with the Noida Authority’s cooperation.
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