Realty player Supertech loses Rs500 crore on Twin Tower Demolition

29 Aug 2022 , 09:25 AM

Supertech Realty stated that the destruction of its Twin Towers in Noida caused a loss of around Rs500 crore, including construction and financing charges.

According to R K Arora, the company’s Chairman, more than 3,700 kg of explosives were employed in this operation. The destruction alone is likely to cost over Rs20 crore.

Apex and Ceyane, two about 100-meter-tall twin skyscrapers, were demolished at 2.30 p.m. on Sunday, after a Supreme Court judgement that ruled their construction inside Emerald Court premises to be in breach of norms.

In August of last year, the Supreme Court ordered the twin towers to be demolished and ordered that all homeowners’ deposits be repaid with 12% interest from the time of booking.

The Supreme Court further ruled that the Residents Welfare Association be compensated for the harassment caused by the twin towers’ development.

These twin towers were built as part of Supertech’s Emerald Court project in Noida Expressway Sector 93 A. The present market value of the two buildings’ roughly 900 units is believed to be more than Rs700 crore.

Arora highlighted that the two towers altogether have a built-up area of 8 lakh square feet.

When asked about the demolition costs, Arora stated that Supertech is paying Rs 17.5 crore to Edifice Engineering, which was in charge of securely demolishing the structures, which includes the payment for an Rs100-crore insurance cover. There are also various other charges related to demolition.

According to the court, Supertech’s two 40-story buildings with 915 apartments and 21 stores were built in collusion with the Noida Authority.

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