Land from twin tower demolition to be used for residential projects, says Supertech MD

Noida, 2nd September, 2022: The Supertech Twin towers in Noida were demolished last week, months after the Supreme Court declared that they were illegal and ordered their demolition.

Post the demolition excercise RK Arora, Chairman and Managing Director of Supertech Limited, stated that the towers were constructed on land allocated to them by Noida Authority and with the agreement of Emerald Court homebuyers. He also explained what he intends to do with the area once the rubble has been removed.

“We will use that land with the authority’s approval and with the RWA’s consent, and we will use that land in accordance with the rules,” Arora stated.

“The Noida Authority approved the Project’s construction plans, including the two towers, in 2009, which were strictly in accordance with the then-applicable Building by-laws,” he added.

“The building was constructed without deviating from the Building Plan after payment to the Authority.” We have paid the entities responsible for the demolition 17.5 crore rupees in compliance with the Supreme Court’s ruling now that both towers have been razed,” He continued.

Arora also stated that, “We have refunded 95 percent of Apex and Ceyane twin tower homeowners. People are coming to us from the remaining 5% of the community. We are either giving them property or returning the money with interest, and we are fully complying with the Supreme Court’s judgement.”

Meanwhile, the demolition has been bittersweet for residents. According to reports, while the Supreme Court has assured residents of a complete refund, the compensation may not be sufficient for many people to hunt for properties in the neighbourhood.

Supertech Limited’s Ecovillage II, a Greater Noida housing project marketed by R. K. Arora, is also the subject of an insolvency proceeding.

“Only one project is subject to an insolvency proceeding,” Arora says, “and he is confident enough that none of the other projects will be as well because his goal is to complete all of his active projects within the next 24 months.”

“Today, 5,000 people are working on-site to complete the projects, and there is no concern about insolvency proceedings on any other project,” he concluded.