₹500 crore gone with wind with demolition of Supertech’s twin towers in Noida
It took the realtor 5 years to build Supertech’s 102 and 97 meters tall twin towers in Noida before the Allahabad high court first ordered their demolition in 2014 for violations of building regulations
₹500 crore has gone down the drain as the Supertech’s twin towers, Apex and Ceyane, in Noida’s Sector 93A were demolished following Supreme Court’s order, turning the structures into ashes on Sunday. The Noida authority said that 28,000 metric tonnes of construction will be generated out of this demolition and it will be treated at the Sector 80 treatment plant. Residents expressed mixed reactions towards the demolition order of the Supreme Court that termed the construction of twin towers illegal as they were built in violation of building regulations.
“We respect the SC order but to save the money spent on the construction of this building should have been handed over to the government that can rehabilitate the city’s homeless people or it could have turned into a hospital or any other charitable cause instead of wasting so much funds,” said Alok Singh, a founder member of the Active Citizen Team.
Another resident Sunil Mishra from Sector 135 said, “SC order gives a lesson to all of those, who take laws for granted and go to the extreme to flout rules to make money thereby cheating the investors or homebuyers.”
According to Supertech Limited, it invested ₹25 crore in land buying for this project and another ₹25 crore was invested in the obtainment of layout sanctions as one has to pay the approval cost to the Noida authority. The realtor bought this 8,000 square meters of land for Apex and Ceyane in 2009 along with other land parcels of 46,000 square metres on which Emerald Court’s 11 residential towers were standing. It took the realtor 5 years to build these two 102 and 97 meters tall towers before the Allahabad high court first ordered demolition in 2014 for violations of building regulations.
“We made ₹450 crore investment in construction material including steel, cement, sand, labour, bank loan, interest and other expanses in these two towers named Apex and Ceyane. We have already borne ₹500 crore cost in 2014, when Allahabad high court ordered demolition. However it does not mean it will affect other projects because we will continue to deliver units in other projects smoothly,” said RK Arora chairman of Supertech Limited.
The Supertech Limited maintained that the twin tower demolition will not impact the construction of their ongoing projects or operation of the Company and that they are committed to giving delivery of units to the allottees.
“We have a strong record of delivering more than 40,000 Flats during the last 7 years and we shall continue to give delivery to our buyers under our “Mission Completion – 2022” under which we have undertaken a target of delivering 7,000 units by December, 2022,” added Arora.
- Real Estate News