Here's what Supertech will do with the Noida land where twin towers once stood
The land occupied by the now-demolished Supertech twin towers will be used for another residential project, the real estate firm has said. Supertech's comment came days after the 100-metre high Noida twin towers, constructed illegally, were demolished on Sunday.
The now-demolished Supertech twin buildings' site will be utilised for another residential project, according to the real estate company. The work will be done only after getting a due approval from the Noida Authority and consent from the homebuyers of Emerald Court, Supertech said. The corporation made its statement a few days after the Supreme Court ordered the nine-year legal struggle that resulted in the destruction of the 100-metre-tall, illegally built Noida twin buildings.
The Apex and Ceyanne buildings in Noida were "part of the Emerald Court Project at Sector 93A constructed on land allocated by Noida Authority," according to Supertech chairman and managing director RK Arora.
"The Noida Authority authorised the project's development plans, including the two buildings, in 2009, strictly adhering to the applicable building bylaws at the time. After making complete payment to the Authority, the building was constructed without deviating from the Building Plan. Now that both buildings have been destroyed, we have, in accordance with the Supreme Court, paid the agencies involved in the destruction Rs 17.5 crore in demolition costs," said Arora.
He further stated that Supertech will only utilise the land in accordance with the law and with the authority's and RWA's authorization. Arora added that 95% of the Apex and Ceyane twin tower homeowners have received refunds from Supertech. The final 5% of those still alive will either receive property or receive their money back with interest, completely adhering to the Supreme Court's order, he continued.
Arora said that one more project of Supertech Ltd, known as Ecovillage II and located in Greater Noida, is facing insolvency proceeding. He further said, "Only one project is subject to an insolvency procedure, and we are convinced that none of the other projects will as well because his focus is on completing all of his active projects over the next 24 months."
The Supertech twin buildings were destroyed on August 28, Sunday, putting an end to a nine-year battle for the residents of Emerald Court in under nine seconds. The demolition, done through implosion by engineering company Edifice Engineering, left behind a mountain of debris but no damage to nearby properties were reported. According to a corporate source, Supertech suffered a loss of Rs 900 crore as a result of the destruction.