NOIDA: Authorities on Sunday demolished nearly 100-metre-high structures that was said to be taller than iconic Qutub Minar. The demolition was done following ‘waterfall implosion’ technique following Supreme Court order of August 31, 2021 which found that the structures had come up in the premises of Emerald Court housing society in violation of building norms.
Meanwhile, the company’s chairman RK Arora said on Sunday that the group has incurred a loss of about ₹ 500 crore including construction and interest costs due to the demolition.
“Our overall loss is around ₹ 500 crore, taking into account the amount we have spent on land and construction cost, the charges paid to authorities for various approvals, interest paid to banks over the years and the 12 per cent interest paid back to buyers of these two towers, among other costs,” Mr Arora told PTI.
The proposed premium residential twin towers with space for commercial activities were constructed by Supertech Group after approvals from the New Okhla Industrial Development Authority (NOIDA), popularly referred to as the Noida Authority.
The group gets land allotted for developing a group housing project by Noida Authority in city’s Sector 93A in 2004 and the project got approved in 2005 but the building plan once again revised in 2009 and it added two more towers Apex and Ceyane. Some residents object to it, citing violation of building norms.
In December 2012, Emerald Court residents’ association moves Allahabad High Court which ordered demolition of twin towers that was being constructed at green apace.
Supertech moves Supreme Court seeking relief in 2014 but the Court orders demolition within three months, observing violation of building norms in collusion with local officials.