How much will it cost to demolish Noida Supertech Twin Towers?
India is set to witness the biggest demolition of a building ever. The Supertech Twin Towers demolition in Sector 93A, Noida, Uttar Pradesh, will take place on August 28, 2022. The 40-storey building that took nearly 3 years to be built will be reduced to rubble in seconds.
Already, authorities are inspecting the area of demolition and checking on preparations. A task force group is also prepping nearby residents for D-Day. Around 5,000 residents of ATS village and Supertech Emerald Court have been asked to vacate their houses at the time of demolition.
Buying a home is a lifetime dream for many. People pour their entire life savings into it and work to repay the debt for their entire lifetime. But investments into buildings like the Supertech Emerald Court Twin Towers can be dream-shattering.
The apartments in the Supertech Emerald Court Project sell for Rs 7,500 per sq ft. If we take a 3 BHK in the apartment complex as a benchmark for Supertech Twin Towers, the cost of one apartment would be Rs 1.13 crore, and that's the lowest. So, with 915 flats, Supertech Twin Towers would have made more than Rs 1,198 crore if all had gone well. Unfortunately, that's not how the story unfolded.
Breaking the numbers down per square foot:
Rs 933 / sq ft
(what Supertech spent on construction)
Rs 267 / sq ft
(what is being spent on demolition)
Supertech spent approximately Rs 933 in construction costs per sq ft, while the demolition for the same area will cost Rs 267.
Now, the bankrupt company is finding it hard to even pay for the demolition. Supertech is paying around Rs 4.5-5.5 crore for the demolition and the rest of the amount, Rs 14.5-15.5 crore is expected to be made by selling off the debris.
In 2014, Supertech's RK Arora said that they had spent:
- Rs 70 crore in construction,
- Collected Rs 180 crore from home buyers and
- 633 flats were booked.
Now, they've been asked to refund home buyers' money at a 12% interest rate.
Uttkarsh Mehta, Partner at Mumbai-based Edifice Engineering, which specialises in demolition, told DailyO that they are taking necessary precautions. Spectators are likely to throng the site to view the demolition on August 28.
You can read more on why the Supertech Twin Towers are being demolished here.
Also read: The Supertech Twin Towers, which took 3 years to build, will turn to dust in just 9-10 seconds.