Noida Twin Towers demolition - A reminder for the corrupt

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Customers contributed approximately Rs 180 crore to Supertech, and the construction of the towers was estimated to cost approximately Rs 70 crore.

Who are Supertech builders? 

Who are Supertech builders? 

Supertech Limited, India's top developer of real estate, was established 32 years ago in the National Capital Region. Supertech, the project's developer, has lost close to Rs 1,000 crore as a result of the Emerald Court project's demolition in Noida. The building's demolition cost 20 crore rupees.

History of the case 

Residents Welfare Association petitioned the Allahabad High Court in 2011. The UP Apartment Owners Act, 2010, allegedly was broken during the building of the skyscrapers. The two towers, according to the residents, should have been at least 16 metres apart, which was against the law. The Supreme Court has ordered that the Noida Twin Towers, the highest skyscraper in India, be demolished on August 28, 22

The demolition

Supertech, the project's developer, has lost close to Rs 1,000 crore as a result of the Emerald Court project's demolition in Noida. The building's demolition cost 20 crore rupees.  The demolition was carried out by Edifice consultants and Jet Demolitions.

Impact for the company

Due to the destruction of its twin buildings in Noida, the company has experienced a loss of around 500 crore, which includes the price of construction as well as interest on those charges.

What about property investors?

Out of the 711 apartment investors, 652 have approved the settlement with the Supertech corporation. Two options were presented as part of the settlement process: either take the base amount plus interest or property valued at the market or booking value plus interest.

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