Realty firm Supertech Ltd stated that it incurred a loss of around Rs.500 crores with the demolition of its Twin Towers in Noida. These 100-metre tall towers were demolished the other day as per the order of the Supreme Court.
It is reported that the cost of demolition itself was about Rs. 20 crores. More than 3700 kgs of explosives were used in this operation. The towers were demolished at 02.10 PM on Sunday. The Supreme Court ordered its demolition as the construction violated the norms.
Speaking to the PTI, Supertech’s chairman RK Arora said, “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.” He further added that the built-up area in these two towers was around 8 lakh square feet.
