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New Delhi: Shortly after the demolition of Supertech's Twin Towers, the company said that it has incurred a loss of Rs 500 crore, including the construction and the interest cost.
The height of this twin tower built in Noida was 103 meters in two separate towers Apex and Ceyane. More than 3700 kg of explosives were used to bring down these towers. Reportedly, about 20 crore rupees have been spent on demolishing this tower itself.
Meanwhile, Supertech in its statement stated that has suffered a loss of about 500 crores.
"Our overall loss is around Rs 500 crore, taking into account the amount we have spent on land and construction costs, the charges paid to authorities for various approvals, interest paid to banks over the years, and the 12 percent interest paid back to buyers of these two towers, among other costs," reports quoted company's chairman R K Arora as saying.
This twin tower was part of the Emerald Court project located in Noida Sector 93A, which is located on the Noida Expressway. There were 900 apartments in Twin Towers, whose market value was around Rs 700 crore. This entire twin tower was spread over an area of 8 lakh square feet.
Though the towers were brought down under the direction of the Supreme Court (SC), however, the company said that both towers were built only after the approval plan from the Noida Development Authority.
Supertech further said that the collapse of these two towers will not affect the company's other real estate projects and home buyers will be provided with their flats on time.
Supertech further said they have provided more than 70,000 houses to the home buyers and will also give houses to the rest of the home buyers within the stipulated time frame.
''We want to assure all the home buyers that the order of the Supreme Court will not have any effect on other projects and all those projects will continue,'' it added.
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