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Noida’s Twin Tower Demolition Cost Nearly Rs 20 Crore, Say Reports
Reportedly, the the waterfall demolition of the Supertech's Twin Tower costed to about Rs 20 crore including the large amount of explosions, manpower and equipment used in the process.
Noida: There was a lot of buzz in the city of Noida today as the 9 year old saga of the Supertech’s twin tower was demolished in 9 seconds. From past few weeks the government, police and health departments have issued multiple advisories for residents living nearby. This demolition was no less than a spectacle as the building, higher than the Qutub Minar, was reduced to rubbles. According to a report by News 18 in the wake of the total built-up area of about 7.5 lakh sq ft, the total demolition cost, including explosives, must have been about Rs 20 crore. The construction cost was a Rs 933 per sq feet aggregating to a total of Rs 70 crores. The demolition involved about 3,700 explosives, lot of manpower and other equipment.
Reportedly, Supertech is paying about Rs 5 crore out of the total amount while the remaining will be done through selling the debris that is around 55,000 tonnes inclusive of 4,000 tonnes of steel.
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The Edifice Engineering has also secured an amount of Rs 100 crore as insurance cover regarding any damage, if caused, in the areas nearby.
LOSS INCURRED BY SUPERTECH
News18 further reported that, “The cost of one 3BHK apartment was about Rs 1.13 crore in the Supertech Emerald Court Project. There were about 915 flats in the two buildings, which would have earned the company about Rs 1,200 crore. Out of the total 915 flats, about 633 were booked and the company had collected nearly Rs 180 crore from homebuyers. Now, Supertech has been asked to refund the homebuyers money with an interest of 12 per cent.”
Only six people, including three foreign experts, Indian blaster Chetan Dutta, a police officer and Edifice Engineering’s project manager Mayur Mehta remained within the exclusion zone to push the button for the blast.
The twin towers were razed over grave violations of building norms. The Supreme Court had said that it was a result of “nefarious complicity” between the Noida Authority and Supertech and ordered that the company shall carry out the demolition at its own expense under the supervision of the Noida Authority and an expert body like the Central Building Research Institute.