What is happening?
Deemed as tallest buildings in the country, the two buildings located at the New Okhla Industrial Development Authority, Uttar Pradesh were dusted to the ground. The demolition of the two buildings was permitted last year by the Highest Court of the Country.
Various Costs Involved.
Amongst the other costs, the total cost to demolish the two buildings amounted to Rs. 20 crores. The demolition utilized a total of 3700 kg of explosives. The other costs included a payment of Rs. 175 million paid to Edific Engineering the company responsible for the demolition, the amount returned to the buyers with interests (the cost of each flat was estimated to be Rs. 1 to three crore), costs involved in the purchase of land and construction of the two buildings, the amount paid under the insurance cover, besides other costs involved.
According to news reports the company incurred a loss of around 5000 million. As per the estimates, the two buildings can easily cost over 700 Crore Rupees, the market value of the two towers are further estimated to be near 900 Crores.
Amidst the growing apprehension that the Supreme Court order of demolition of two towers might have bearing on other projects under the real estate company, it clarified that the apex court order on the two towers would not have any bearing on other projects undertaken by the company.
We have completed and given delivery of more than 70,000 units to homebuyers and are committed to give delivery to remaining homebuyers as per schedule time frame. We assure all our home buyers that the order of Supreme Court will not affect any other ongoing project and all other projects will continue,” Supertech said in an statement.
About the buildings
The two buildings were located at the strategic location of the Noida highway connecting to Greater Noida. The two buildings are named Apex and Ceyane, the apex had a total of 29 stories and Ceyane had 29. The two buildings together have a total of 915 flats.
One of the main issues which were responsible for the demolition of the two buildings was a revision of the plan to construct the 14 buildings having 9 floors to two towers having 40 stories.
The Supreme Court in its order had said that the construction of the two buildings violated building codes and was seriously illegal. The court also ordered the return of the payment for the cost with an interest of 12%.