Supertech plans to build 'approved' towers at Noida demolition site
Realty firm Supertech Limited may build more towers at the Noida demolition site, Chairman and Managing Director RK Arora said. But the new residential project will be built after getting due approval from Noida Authority and taking consent of the Emerald Court homebuyers, ANI reported. This comes only a few days after the twin towers, Apex and Ceyane, were demolished in a public spectacle.
Why does this story matter?
To recall, The twin towers in Sector 93A were demolished at 2:30 pm on Sunday, bringing a nine-year-long legal battle to end. On February 7, 2022, the Supreme Court ordered Supertech and Edifice Engineering, tasked with the demolition, to enforce the top court's 2021 order to bring down the twin towers for not complying with the law. Supertech lost Rs. 500 crore in demolition.
'Building plans approved by Noida Authority in 2009'
In an interview with ANI, Arora said that the towers are a part of Supertech's Emerald Court Project and were built on land allotted by Noida Authority. Stressing that the plans were approved in 2009 and were in strict accordance with building bye-laws, he said, "No deviation from the building plan was made...It was constructed after making full payment to the authorities."
Supertech refunded 95% of twin tower homebuyers: Arora
Supertech paid Rs. 17.5 crore of the Rs. 20 crore demolition cost, and has lost Rs. 500 crore due to the demolition. Arora further confirmed that Supertech has refunded 95% of the twin tower homebuyers. He added, "Remaining 5% who are left - we are either giving them property or returning the money with interest and fully complying with the SC order."
Noida dabbles moutain of debris
How much did Supertech lose in the demolition?
Hours after the demolition, Arora told media that Supertech has been hit with a loss of Rs. 500 crore. This included money paid to Edifice Engineering, repayment and returns given to homebuyers (with interest), and even premium of Rs. 100 crore insurance cover for the demolition. The court had directed Supertech to pay Rs. 2 crore to the Residents Welfare Association for facing "harassment."
Watch: Noida 'towers of corruption' demolished
Twin towers gone in 9 seconds
The demolition of the "twin towers" took place on Sunday. While the buildings were brought down in nine seconds, the dust cloud from the demolition took about 12 minutes to settle. The Rs. 20 crore demolition exercise has sent over 900 apartments, currently valued at Rs. 700 crore, down the drain. The buildings were razed with 3,700kg of explosives using a "waterfall method."
