Rs 900-Cr Loss To Supertech; What’s Ahead For Residents, Homebuyers

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Even as the much-talked-about Noida Supertech twin towers have been demolished at 2.30 pm on Sunday, the nearby residents are happy as they will now get an open space in front of their houses for air and light to come in. The land where the buildings stood will reportedly see a green cover now. Residents have also said it was in the earlier plan.

The homebuyers who had booked their flats in the twin towers, namely Apex (32 floors) and Ceyane (29 floors), will also get their full refund with an interest of 12 per cent. There were a total of 915 flats in the two buildings. Out of these, about 633 were booked and Supertech had collected nearly 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 proceedings, to deposit Rs 1 crore with the apex court registry by September 30. The court said the homebuyers will get their total refund eventually.

“The current realty price in the Supertech twin tower area is about Rs 9,000-10,000 per sq ft. Given the total 915 flats in the two buildings (Apex and Ceyane), the total loss to the company is around Rs 800-900 crore,” a company source told news18.com.

On the investment so far, the source said Supertech had already spent Rs 300-400 crore on materials including cement, steel, sand, bank loan, labour and other expenditures, for the construction of the two buildings.

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

Ending a 9-year-long saga, the high-rise Supertech twin towers in Noida have finally been demolished at 2.30 pm on Sunday (August 28). It took months of preparations and planning. The demolition was ordered by the Supreme Court in August 2021 after it found that the construction of the buildings, namely Apex and Ceyane, violated the minimum distance norms. The demolition took just 9 seconds.

Mumbai-based Edifice Engineering carried out the demolition of the towers. It used the waterfall implosion method to bring down the buildings.

Noida CEO Ritu Maheshwari said the planned demolition of Supertech twin towers was successfully done at 2:30 pm and broadly, no damage has happened to nearby housing societies. “Only some bit of debris has come towards the road. We will get a better idea of the situation in an hour.”

Noida Police Commissioner Alok Singh told CNN News18 that everything went as per the plans and teams performed outstandingly. “The follow-up job continues.”

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