Lagatar24 desk
New Delhi, Sept 3: Real estate company Supertech Ltd. wants to build a new housing project at the same location and will request a refund of land costs and other expenses if authorities do not approve the plan, according to its chairman R K Arora. The company suffered a loss of about Rs 500 crores due to the demolition of its twin towers.
Apex and Ceyane, two towers that stood close to 100 meters tall, were demolished at 2:30 PM on August 28 in accordance with a Supreme Court judgment that ruled their construction inside the Emerald Court grounds to be against the law. In this operation, explosives weighing more than 3,700 kg were deployed.
Following the removal of the rubble from the site, Arora stated that the company will submit a proposal to the Noida Building Authority for the development of a housing project and, if necessary, obtain the permission of the RWA of Emerald Court.
“We were allotted 14 acres of land by Noida authority in Noida Sector 93 A for the development of the group housing project. Out of the total land parcel, the twin towers were built on 2-acre land … Now the twin towers have been demolished, we will submit a plan to develop a group housing project on the 2-acre land which is owned by the company,” Arora told PTI.
When asked how certain the company is in receiving approval, Arora responded that the company will undoubtedly present a plan, after which the decision will be up to the authority.
“If necessary, we will also obtain the RWA of Emerald Court’s consent,” he added.
Regarding the RWA’s intention to erect a temple on the property, Arora responded as follows: “To develop anything, the land must be owned by the RWA. We are the landowners.” The 2-acre parcel of property, according to the chairman, is not a green space.
He claimed that Supertech would ask the authority for a return of the land cost in the event that the authorization to build a housing project is denied.
Notably, Arora acknowledged that the demolition had hurt the Supertech brand, but he emphasized that no changes had been made to the two towers that the business had built in accordance with the Noida authority’s approved development plan.
When asked if the business was having trouble getting financing and closing deals, Arora responded that it had been successful in persuading both its clients and lending organizations that the demolition would not have an adverse effect on its other projects.
Arora stated that since the beginning of the project, they have completed and delivered more than 70,000 units to homebuyers and are determined to deliver to the remaining 20,000 homebuyers over the next two years.
On August 28, Arora had told PTI that the demolition of the company’s two towers in Noida had resulted in a loss of approximately 500 crore rupees, including construction and financing costs.
