Apex and Ceyane Towers which were around 100-meter tall were demolished at 2:30 PM on Sunday. The demolition was ordered by the Supreme Court after it found the construction within Emerald Court premises in violation of norms.
The cost of demolition is itself 20 crore which was also borne by the company Supertech. Around 3700 kg of explosives was used in the demolition.
"Our overall loss is around ₹500 crore, taking into account the amount we have spent on land and construction costs, the charges paid to authorities for various approvals, interest paid to banks over the years and the 12 percent interest paid back to buyers of these two towers, among other costs," Arora told PTI.
With a total built-up area of around 8 lakh square feet, the Twin Towers were part of Supertech's Emerald Court project at Sector 93 A on the Noida Expressway. The Twin Tower had 900 apartments with current market value estimated at ₹700 crore.
"We constructed these towers as per the building plan approved by the Noida development authority," he added.
When asked about the cost of demolition, the chairman informed that the it has paid ₹17.5 crore to Edifice Engineering, which was tasked with safely pulling down the structures. The payment also included the premium amount for ₹100 crore insurance cover.
There are several other costs associated with the process which was borne by the company. The engineering company Edifice gave the demolition contract to South African expert Jet Demolitions.
The Supreme Court in August last year, ordered the demolition of the Twin Towers. The court also ordered that all homebuyers' deposits be refunded with 12% interest from the time of booking.
The Court gave relief to Residents Welfare Association as it also ordered a compensation of ₹2 crore for the harassment caused by the Twin Towers' construction.
According to the court, Supertech's twin 40-story towers with 915 flats and 21 shops were built in collaboration with the Noida Authority.
In a separate statement, Supertech stated that the demolition would have no effect on its other projects.
With Inputs from PTI
