HomeLatest News900 crore loss to Supertech; What's Ahead for Residents, Homebuyers

900 crore loss to Supertech; What’s Ahead for Residents, Homebuyers

Even as the much talked about Noida Supertech Twin Towers were demolished at 2.30 pm on Sunday, the residents of the neighborhood are happy as they will now have an open space in front of their houses for air and light. The standing buildings will now see green cover, it is said. Residents also said it was in earlier plans.

Home buyers who had booked their flats in the twin towers, namely Apex (32 floors) and Sian (29 floors), will also get their full refund along with 12 percent interest. The two buildings had a total of 915 flats. About 633 of these have been booked and Supertech has collected about Rs 180 crore from homebuyers.

Now, the Supreme Court on Friday (August 26) directed the interim resolution professional (IRP) of Supertech, which is facing insolvency, to deposit Rs 1 crore in the apex court registry by September 30. The court said home buyers would get them. Total refund at the end.

“Current realty prices in the Supertech Twin Tower area are around Rs 9,000-10,000 per sq ft. Given a total of 915 flats in the two buildings (Apex and Sian), the total loss to the company is around Rs 800-900 crore,” said a company source. news18.com.

On the investment so far, the source said Supertech has already spent Rs 300-400 crore on materials including cement, steel, sand, bank loans, labor and other expenses for the construction of the two buildings.

Noida CEO Ritu Maheshwari said, cleaning is underway. “Gas and electricity supply will be restored in the area, while people will be allowed to enter neighboring societies after 6.30pm.”

Ending a 9-year-long saga, Noida’s high-rise Supertech Twin Towers were finally demolished on Sunday (28 August) at 2.30 pm. It took months of preparation and planning. The Supreme Court ordered the demolition in August 2021 after it found that the construction of buildings named Apex and Sian violated the minimum distance norms. It only took 9 seconds to destroy.

Mumbai-based Edifice Engineering demolished the towers. It used the waterfall implosion method to bring down the buildings.

Noida CEO Ritu Maheshwari said the planned demolition of the Supertech Twin Towers was successfully carried out at 2:30 pm and broadly, there was no damage to nearby housing societies. “Some debris has come towards the road. We will have a better idea of ​​the situation in an hour.”

Noida Police Commissioner Alok Singh told CNN News 18 that everything went as planned and the teams performed outstandingly. “Follow-up work continues.”

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