Twin towers demolition: Supertech says it misplaced Rs 500 crore, cites plan ‘accepted’ by Noida Authority
8 min readBy PTI
NEW DELHI: Realty agency Supertech Ltd has incurred a lack of about Rs 500 crore, together with building and curiosity prices, due to the demolition of its twin towers in Noida, the corporate’s Chairman R Okay Arora mentioned on Sunday.
The practically 100-metre-tall twin towers — Apex and Ceyane — have been demolished at 2.30 pm on Sunday as per a Supreme Court order that discovered their building inside Emerald Court premises in violation of norms.
More than 3,700 kgs of explosives have been used on this operation.
The value of the demolition itself is estimated at about Rs 20 crore.
“Our overall loss is around Rs 500 crore, taking into account the amount we have spent on land and construction cost, the charges paid to authorities for various approvals, interest paid to banks over the years and the 12 per cent interest paid back to buyers of these two towers, among other costs,” Arora advised PTI.
These twin towers have been a part of Supertech’s Emerald Court venture at Sector 93 A on the Noida Expressway.
The present market worth of over 900 residences within the two towers is estimated at over Rs 700 crore.
Arora mentioned the overall built-up space in these two towers was round 8 lakh sq. toes.
“We constructed these towers as per the building plan approved by the Noida development authority,” he added.
Asked concerning the demolition value, Arora mentioned Supertech is paying Rs 17.5 crore to Edifice Engineering, which was tasked with safely knocking down the constructions, together with the premium quantity for a Rs 100-crore insurance coverage cowl.
In addition, there are a number of different prices related to the demolition.
ALSO READ | Who truly acquired punished, ask homebuyers after razing of Supertech twin towers in Noida
Edifice had roped in South African specialists Jet Demolitions for the venture.
In August final 12 months, the Supreme Court had ordered demolition of the dual towers and directed that all the quantity of homebuyers needs to be refunded with 12 per cent curiosity from the time of the reserving.
The apex courtroom has additionally ordered that the Residents Welfare Association be paid Rs 2 crore for the harassment brought about as a result of building of the dual towers.
The courtroom had mentioned the development of Supertech’s twin 40-storey towers having 915 flats and 21 outlets was achieved in collusion with the Noida Authority.
Separately, Supertech mentioned in a press release that the demolition wouldn’t affect its different initiatives, “We have accomplished and given supply of greater than 70,000 items to homebuyers and are dedicated to present supply to remaining homebuyers as per schedule time-frame.
We guarantee all our residence patrons that the order of Supreme Court won’t have an effect on another ongoing venture and all different initiatives will proceed,” it added.
Supertech on Sunday mentioned the dual towers set to be demolished this afternoon have been constructed as per the constructing plan accepted by Noida improvement authorities and no deviations have been made.
CHECK OUT VISUALS OF THE DEMOLITION HERE
Supertech added that the demolition of those two towers won’t affect its different actual property initiatives, which might be delivered to homebuyers.
The practically 100-metre-tall Apex and Ceyane towers are scheduled to be demolished at 2.30 pm on Sunday in pursuance of a Supreme Court order that discovered their building inside Emerald Court premises in violation of norms.
More than 3,700 kgs of explosives are getting used on this operation.
“The Twin Towers Apex and Ceyane in Noida are a part of the Emerald Court project at Sector 93A constructed on land allotted by Noida authority. The building plans of the Project including the two towers were approved by the Noida Authority in 2009 which was strictly in accordance with the then prevailing Building Bye laws announced by the State Government,” Supertech Ltd mentioned in a press release.
No deviation from the constructing plan was made and it was constructed after making full fee to the authority, it added.
“However, the Hon’ble Supreme Court has not found the construction satisfactory on technical grounds and accordingly issued orders to demolish the two towers. We respect the orders of the Apex Court and are committed to implement the same,” Supertech mentioned.
ALSO READ | Noida twin tower demolition: Last moments of evacuation and a sleeping man!
The firm has awarded the work of demolition to a world-renowned company Edifice Engineering which has experience in finishing up protected demolitions of high-rise buildings, the assertion mentioned.
“We have completed and given delivery of more than 70,000 units to homebuyers and are committed to give delivery to remaining homebuyers as per scheduled time frame. We assure all our home buyers that the order of Supreme Court will not affect any other ongoing project and all other projects will continue.”
In August final 12 months, the Supreme Court ordered the demolition of the dual towers, which have over 900 flats.
On August 31 final 12 months, the apex courtroom directed that all the quantity of homebuyers needs to be refunded with 12 per cent curiosity from the time of the reserving and the Residents Welfare Association be paid Rs 2 crore for the harassment brought about as a result of building of the dual towers.
A bench of Justices D Y Chandrachud and M R Shah mentioned the April 11, 2014 verdict of the Allahabad High Court, which directed the demolition of the dual towers, doesn’t deserve any interference.
The courtroom had mentioned the development of Supertech’s twin 40-storey towers having 915 flats and 21 outlets was achieved in collusion with the Noida Authority and the excessive courtroom was appropriate in holding that view.
NEW DELHI: Realty agency Supertech Ltd has incurred a lack of about Rs 500 crore, together with building and curiosity prices, due to the demolition of its twin towers in Noida, the corporate’s Chairman R Okay Arora mentioned on Sunday.
The practically 100-metre-tall twin towers — Apex and Ceyane — have been demolished at 2.30 pm on Sunday as per a Supreme Court order that discovered their building inside Emerald Court premises in violation of norms.
More than 3,700 kgs of explosives have been used on this operation.
The value of the demolition itself is estimated at about Rs 20 crore.
“Our overall loss is around Rs 500 crore, taking into account the amount we have spent on land and construction cost, the charges paid to authorities for various approvals, interest paid to banks over the years and the 12 per cent interest paid back to buyers of these two towers, among other costs,” Arora advised PTI.
These twin towers have been a part of Supertech’s Emerald Court venture at Sector 93 A on the Noida Expressway.
The present market worth of over 900 residences within the two towers is estimated at over Rs 700 crore.
Arora mentioned the overall built-up space in these two towers was round 8 lakh sq. toes.
“We constructed these towers as per the building plan approved by the Noida development authority,” he added.
Asked concerning the demolition value, Arora mentioned Supertech is paying Rs 17.5 crore to Edifice Engineering, which was tasked with safely knocking down the constructions, together with the premium quantity for a Rs 100-crore insurance coverage cowl.
In addition, there are a number of different prices related to the demolition.
ALSO READ | Who truly acquired punished, ask homebuyers after razing of Supertech twin towers in Noida
Edifice had roped in South African specialists Jet Demolitions for the venture.
In August final 12 months, the Supreme Court had ordered demolition of the dual towers and directed that all the quantity of homebuyers needs to be refunded with 12 per cent curiosity from the time of the reserving.
The apex courtroom has additionally ordered that the Residents Welfare Association be paid Rs 2 crore for the harassment brought about as a result of building of the dual towers.
The courtroom had mentioned the development of Supertech’s twin 40-storey towers having 915 flats and 21 outlets was achieved in collusion with the Noida Authority.
Separately, Supertech mentioned in a press release that the demolition wouldn’t affect its different initiatives, “We have accomplished and given supply of greater than 70,000 items to homebuyers and are dedicated to present supply to remaining homebuyers as per schedule time-frame.
We guarantee all our residence patrons that the order of Supreme Court won’t have an effect on another ongoing venture and all different initiatives will proceed,” it added.
Supertech on Sunday mentioned the dual towers set to be demolished this afternoon have been constructed as per the constructing plan accepted by Noida improvement authorities and no deviations have been made.
CHECK OUT VISUALS OF THE DEMOLITION HERE
Supertech added that the demolition of those two towers won’t affect its different actual property initiatives, which might be delivered to homebuyers.
The practically 100-metre-tall Apex and Ceyane towers are scheduled to be demolished at 2.30 pm on Sunday in pursuance of a Supreme Court order that discovered their building inside Emerald Court premises in violation of norms.
More than 3,700 kgs of explosives are getting used on this operation.
“The Twin Towers Apex and Ceyane in Noida are a part of the Emerald Court project at Sector 93A constructed on land allotted by Noida authority. The building plans of the Project including the two towers were approved by the Noida Authority in 2009 which was strictly in accordance with the then prevailing Building Bye laws announced by the State Government,” Supertech Ltd mentioned in a press release.
No deviation from the constructing plan was made and it was constructed after making full fee to the authority, it added.
“However, the Hon’ble Supreme Court has not found the construction satisfactory on technical grounds and accordingly issued orders to demolish the two towers. We respect the orders of the Apex Court and are committed to implement the same,” Supertech mentioned.
ALSO READ | Noida twin tower demolition: Last moments of evacuation and a sleeping man!
The firm has awarded the work of demolition to a world-renowned company Edifice Engineering which has experience in finishing up protected demolitions of high-rise buildings, the assertion mentioned.
“We have completed and given delivery of more than 70,000 units to homebuyers and are committed to give delivery to remaining homebuyers as per scheduled time frame. We assure all our home buyers that the order of Supreme Court will not affect any other ongoing project and all other projects will continue.”
In August final 12 months, the Supreme Court ordered the demolition of the dual towers, which have over 900 flats.
On August 31 final 12 months, the apex courtroom directed that all the quantity of homebuyers needs to be refunded with 12 per cent curiosity from the time of the reserving and the Residents Welfare Association be paid Rs 2 crore for the harassment brought about as a result of building of the dual towers.
A bench of Justices D Y Chandrachud and M R Shah mentioned the April 11, 2014 verdict of the Allahabad High Court, which directed the demolition of the dual towers, doesn’t deserve any interference.
The courtroom had mentioned the development of Supertech’s twin 40-storey towers having 915 flats and 21 outlets was achieved in collusion with the Noida Authority and the excessive courtroom was appropriate in holding that view.
