Realty firm Supertech Ltd has incurred a loss of about ₹500 crore, including construction and interest costs, because of the demolition of its twin towers in Noida, the company’s Chairman R.K. Arora said on Sunday.
The nearly 100-meter-tall twin towers — Apex and Ceyane — were demolished at 2.30 p.m. on Sunday as per a Supreme Court order that found their construction within Emerald Court premises in violation of norms.
More than 3,700 kgs of explosives were used in this operation. The cost of the demolition itself is estimated at about ₹20 crore.
“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% interest paid back to buyers of these two towers, among other costs,” Arora told PTI.
These twin towers were part of Supertech’s Emarald Court project at Sector 93 A on Noida Expressway. The current market value of over 900 apartments in the two towers is being estimated at over ₹700 crore, according to PTI.
