Supertech Chairman RK Arora mentioned that if the Noida Development Authority does no longer approve the brand new challenge, the corporate will search refund of land value and different bills. Supertech has claimed a lack of round Rs 500 crore because of the demolition of the dual towers following the Supreme Court order.
Both those towers within the Emerald Court Society have been built in violation of the prescribed norms. On August 28, at the orders of the Supreme Court, at 2.30 pm, those towers, about 100 meters prime, have been demolished with a destructor. More than 3,700 kg of explosives have been used to deliver it down.
After clearing the particles from the tower website online, Arora mentioned the corporate would position an offer prior to the Noida Development Authority to increase a residential challenge on the website online. Along with this, the corporate may also search the consent of the Resident Welfare Association (RWA) of the Emerald Court premises, if required.
He mentioned the authority had allocated 14 acres of land to Supertech for a bunch housing challenge in Sector 93A of Noida. Twin towers have been constructed on two acres of this land block.
“Now the twin towers have been demolished and now we will come up with a proposal to develop a group housing project on two acres of land owned by the company,” Arora mentioned in an interplay with PTI.
Asked about the opportunity of the corporate getting its approval from the authority, he mentioned the corporate will surely make a plan after which the authority has to take a choice on it. Arora mentioned that if wanted, the consent of the RWA of the Emerald Court would even be taken.
The Supertech chairman mentioned that during case the brand new challenge isn’t given permission, the corporate will search the authority to refund its value in this land.
“At the current rate, the cost of this land should be around Rs 80 crore. Apart from this, about Rs 25 crore was also paid by Supertech for the purchase of additional floor area ratio (FAR) in this project,” Arora mentioned.