Twin towers about 100 meters high Top And cayenne – Sunday at 2.30 pm was demolished according to a Supreme court Their construction within the Emerald Court complex has been found to be in violation of norms. More than 3,700 kg of explosives were used in this operation. The cost of demolition itself is estimated to be around Rs 20 crore.
“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,” Arora told PTI.
Supertech Twin Towers demolition: Illegal towers of Noida brought down
These twin towers were part of Supertech’s Emerald Court project in Sector 93A on the Noida Expressway. The current market value of over 900 apartments in the two towers is estimated to be over Rs 700 crore.
Arora said that the total built up area of these two towers is about 8 lakh square feet.
“We have constructed these towers as per the building plan approved by the Noida Development Authority,” he said.
When asked about the demolition cost, Arora said that Supertech is paying Rs 17.5 crore to Edifice Engineering, which was tasked to safely pull down the structures, including the premium amount for an insurance cover of Rs 100 crore . In addition, there are many other costs associated with demolition.
Edifice hired South African experts Jet Demolitions for the project.
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 has also ordered that Rs 2 crore be paid to the Residents Welfare Association for 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.
Separately, Supertech said in a statement that the demolition will not affect its other projects,
“We have completed the delivery of over 70,000 units to homebuyers and are committed to deliver the remaining homebuyers as per the schedule deadline. We assure all our home buyers that any other ongoing orders from the Supreme Court The project will not affect everyone else. Other projects will continue.”