Tuesday, June 25, 2024

Noida Supertech Twin Tower demolition-  Loss of 500 crore  

Noida Supertech Twin Tower demolition

Supertech Twin Tower demolition- Supertech said that the demolition of these two towers will not affect its other real estate projects

On the day the entire nation was eyeing the demolition of Supertech Twin Towers in Noida, Supertech issued a statement claiming that the twin towers were constructed as per the building plan passed by the Noida development authorities, and the company deviated from it.

Noida Supertech Twin Tower demolition

Talking to news agency PTI, RK Arora, chairman of the company, said on Sunday, August 28 that Supertech Limited has suffered a loss of about Rs 500 crore in construction and interest costs due to the demolition of the twin towers.

Our total loss is around Rs 500 crore. This includes, among other expenses, the amount spent on land and construction, fees paid to authorities for approvals, interest paid to banks over the years, and 12 percent interest paid back to buyers.

We strictly followed the laws- Supertech in the statement

At the same time, Supertech said that the demolition of these two towers will not affect its other real estate projects, so it has given 70 thousand flats to the buyers and will be giving flats to the buyers from time to time.

Describing the Supreme Court’s order to demolish the illegal Supertech Twin Towers as honorable, the Supertech firm blamed the Noida Authority for wrongdoing. 

The building plan of the project was passed by the Noida Authority in 2009, and all the by-laws related to the building were strictly followed by the Uttar Pradesh government, the statement said.

But the Supreme Court did not find the construction satisfactory on technical grounds and issued orders for demolition. Mumbai-based Edifice Engineering, along with its South African partner firm Jet Demolition, will bring down the structures in a ‘controlled explosion’. Around 3,700 kg of explosives were planned in both towers.

The company finally wrote that “We have completed the delivery of more than 70,000 units to homebuyers and are committed to delivering the rest to home buyers as per the stipulated time frame. We assure all our home buyers that the Supreme Court’s order The order will not affect any other ongoing project and all other projects will continue.

Company giving 17.5 crores to demolish the tower – Chairman of Supertech

When asked about the cost of demolition of the twin towers, Chairman Arora said that Supertech is paying Rs 17.5 crore to demolition company Edphis Engineering. 

Edifice Engineering was entrusted with the task of safely demolishing the Twin Towers along with the premium amount for an insurance cover of Rs 100 crore.

How many crores did Supertech company lose?

According to a PTI report, Santosh Kumar, vice chairman of property consultant company Anarock, has told that the current price of more than 900 apartments in these two towers will be more than Rs 700 crore.

The two towers, launched in 2009, consisted of 1 BHK studio apartment as well as 2 and 3 BHK flats of sizes 1,050-1,475 sq ft. The project was started at Rs 3,200 per sq ft.

But the price was revised down to Rs 5,200 per sq ft in 2012 when the number of stories had gone up to 40. Santosh Kumar said that the current market rate of apartments at this location is Rs 8,500-9,500 per sq ft.

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