According to a statement made by Supertech Limited on Thursday, the Twin Towers, which were demolished on August 28, belonged to the firm and would be repurposed for another residential project if the Noida Authority and Emerald Court homeowners gave their okay.
The Twin Towers Apex and Ceyane in Noida are a part of the Emerald Court Project at Sector 93A, which was built on land allocated by the Noida Authority, according to RK Arora, Chairman and Managing Director of Supertech Limited.
“The Noida Authority approved the development plans of the Project including the two towers in 2009 which was strictly in conformity with the then-applicable Building by-laws,” he added.
“After payment to the Authority, the building was constructed without deviating from the Building Plan. Now that both towers have been destroyed, we have paid the agencies responsible for the demolition 17.5 crore rupees in accordance with the Supreme Court’s order.”
According to Mr. Arora, according to the law, we would use the land with the authority’s permission and with the RWA’s cooperation.
Mr. Arora stated: “95% of the people who purchased homes in the Apex and Ceyane twin towers received refunds. We fully comply with the Supreme Court’s judgement by giving the final 5% of those who are left as they come to us either property or money back with interest.”
Supertech Limited’s Ecovillage II, a housing project in Greater Noida that R. K. Arora marketed, is also the subject of an insolvency proceeding.
According to Mr. Arora, “Only one project is subject to an insolvency procedure, and he is confident enough that none of the other projects will be as well because his objective is to complete all of his active projects within the next 24 months.”
He continued, “Today, 5,000 people are working on-site to finish the projects, and there is no concern about insolvency proceedings on any other project. We anticipate finishing it on schedule.
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