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Home NATION Supertech Says It Lost Rs 500 Crore In Demolition

Supertech Says It Lost Rs 500 Crore In Demolition

RK Arora, chairman of realty firm Supertech Limited, said on Sunday that the demolition of the Twin Towers building in Noida, following the Supreme Court’s order, caused the company almost loss of Rs 500 crore. Arora said the demolition of the building is expected to result in a loss of around Rs 500 crore to the company in the form of cost incurred on its construction and interest payable on the loan.

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Deeming the construction of this 100 meter high residential building illegal in violation of established standards, the Supreme Court had ordered its demolition using explosives. Following the same order, at 2.30 pm on Sunday, both the towers of this building were razed in just a few seconds with a destroyer.

Arora said, “Our total loss has been around 500 crores. This includes the cost of construction of the building and the purchase of land, fees paid to the Noida Authority for all clearances and interest paid on loans to banks. Apart from this, we have also had to pay interest at the rate of 12 per cent to the customers who have bought flats in these towers.”

Both these towers were part of Supertech’s Emerald Court project located on the expressway in Sector 93A, Noida. According to the current market value of more than 900 flats built in these towers, the price was around Rs 700 crore.

Arora said – the construction was done according to the approved building plan of Noida Authority

Arora said that even though the court ordered the demolition of these towers, Supertech had constructed them according to the building plan approved by the Noida Development Authority. He said that Supertech is paying Rs 17.5 crore to Edphis Engineering Company for the demolition of these two towers with explosives. Edifice had entrusted the South African firm Jet Demolitions to execute it.

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