In August last year, the Supreme Court ordered the demolition of the Twin Towers. (Representative)
New Delhi:
Realty firm Supertech Ltd, which had suffered a loss of around Rs 500 crore from the demolition of its twin towers, wants to develop a new housing project at the same location and will refund the cost of the land and other expenses if the authorities do not approve. Will demand scheme, its chairman RK Arora said.
The nearly 100-metre-high Twin Towers – Apex and Cayenne – were demolished at 2.30 pm on August 28 as per the Supreme Court order, which was found to be in violation of their construction norms within the Emerald Court complex. More than 3,700 kg of explosives were used in this operation.
After the debris is cleared from the site, Mr. Arora said that the company would submit a proposal to the Noida Development Authority to develop a housing project and would also seek the concurrence of the Emerald Court’s RWA, if needed.
“We were allotted 14 acres of land by the Noida Authority for the development of a group housing project in Noida Sector 93A. Out of the total land parcel, twin towers were built on 2 acres of land… Now the twin towers have been has been demolished, we will submit a plan to develop a group housing project on 2 acres of land owned by the company.”
Asked how much the company is expected to get the nod, Mr. Arora said the company will definitely make a plan and then it is up to the authority.
“If required, we will also seek the consent of the RWA of the Emerald Court,” he said.
Asked about the RWA’s plan to build a temple on the land, Mr. Arora said: “The RWA must own the land to develop anything. The land is owned by us.” The Speaker said that 2 acres of land does not come under green area.
In case the housing project is not allowed to be developed, he said Supertech would seek refund of the cost of the land from the authority.
Arora said, “The land should be worth around Rs 80 crore at the current rate. We have also paid around Rs 25 crore for the purchase of additional FAR (floor area ratio) in this project.”
On the damage caused to the Supertech brand by the demolition, Mr Arora said that it is certainly a setback, but reiterated that the company had developed the twin towers as per the building plan approved by the Noida Authority and no deviations were made.
Asked whether the company is facing difficulty in raising funds and selling, Mr. Arora said the company is assuring its customers as well as financial institutions that its other projects will not be affected by the demolition. Will have.
“We have completed deliveries of over 70,000 units to homebuyers since inception and are committed to deliver the remaining 20,000 homebuyers in the next two years,” he added.
On August 28, Arora had told PTI that the company had suffered a loss of around Rs 500 crore, including construction and interest cost, due to the demolition of its twin towers in Noida.
“Our total loss is around Rs 500 crore, which includes the amount we spent on land and construction cost, fees paid to authorities for various approvals, interest paid to banks over the years and 12 per cent paid back to buyers. The interest has been taken into account of these two towers, among other costs,” he had said.
The total built up area of these two towers was about 8 lakh square feet.
“We have constructed these towers as per the building plan approved by the Noida Development Authority,” he said.
According to Santosh Kumar, vice-chairman, property consultant Anarock, the current price of over 900 apartments in both these towers will be more than Rs 700 crore.
The two towers, launched in 2009, consisted of 1BHK studio apartments as well as 2 and 3BHK flats of sizes 1,050-1,475 sq ft.
Anarock said the project was started at Rs 3,200 per sq ft. The price was revised down to Rs 5,200 per sq ft in 2012 when the number of floors increased to 40.
Mr Kumar said the current market rate of apartments in this location is Rs 8,500-9,500 per sq ft.
In August last year, the Supreme Court had ordered the demolition of the twin towers and directed that home buyers will have to refund the entire amount along with 12 per cent interest from the time of booking.
The top court also ordered that Rs 2 crore be paid to the Residents Welfare Association for the harassment caused due to the construction of the twin towers.
The court had said that the two 40-storey towers of Supertech were constructed in connivance with the Noida Authority along with 915 flats and 21 shops.
Nine years after a residents’ association went to court over the illegally built Supertech twin towers, a series of controlled explosions turned the 100-metre-tall structures into a colossal pile of rubble – which was torn from the surrounding rooftops by thousands and millions of people. seen on live television.
Apex (32 storeys) and Cayenne (29 storeys) in 12 seconds, in carefully choreographed and carefully executed demolition, was the largest exercise ever in the country.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)