Home/ News / India/  After Noida twin towers demolition, What next on its land?

Noida Twin towers, which were demolished on August 28, belonged to Supertech Limited and its land will be used for another residential project after getting due approval from the Noida Authority and consent from the homebuyers of Emerald Court, the company said on Thursday.

RK Arora, Chairman and Managing Director of Supertech Limited said that the Twin towers, Apex and Ceyane, in Noida are a part of the Emerald Court project at Sector 93A constructed on land allotted by Noida Authority.

"The project was approved by the Noida Authority in 2009, by the then prevailing Building Byelaws. No deviation was made and the building was constructed after making full payment to the Authority. However, both towers have been demolished at the cost of 17.5 crore to the agencies involved in the demolition process as per Supreme Court order," Arora told PTI.

He said that the company will now use the land with the approval of the authority and consent of the RWA, adding that they have refunded the 95% of homebuyers of the twin towers and the rest are being given either property or money refund with interest.

Meanwhile, another Supertech Limited project called Ecovillage II located in Greater Noida, promoted by R K Arora is also facing an insolvency proceeding.

"There are about 5,000 manpower on-site working for the completion of the projects, and there is no fear of insolvency proceeding on any other project except Ecovillahe II, we hope that we will complete it timely," he added.

Noida Twin towers demolition

The Supertech twin towers in Noida were brought to the ground in seconds literally like a house of cards on August 28. The twin towers comprising Apex (32 floors) and Ceyane (29 floors) were 100 meters tall, and were destroyed with more than 3,800 kg explosives in the meticulously executed demolition.

The Supreme Court assured that all home buyers of the 40-storey twin towers in Noida will get back the full amount deposited to real estate firm Supertech. A bench of Justices DY Chandrachud, AS Bopanna, and JB Pardiwala said that the home buyers of the twin towers will get their total refund but for the time being, they will be paid from 1 crore, which will be deposited by the IRP by September 30.

Sanjay Kumar, Business Head, Berkshire Hathaway HomeServices Orenda India said that for home buyers buying a home in the same vicinity will be a distant possibility.

The Supreme Court had ordered the demolition of the twin towers on August 31, 2021, upholding a verdict by the Allahabad High Court. It held that illegal construction has to be dealt with strictly to ensure compliance with the rule of law.

(With PTI inputs)

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Updated: 02 Sep 2022, 06:01 AM IST
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