Noida Twin Towers razed, but what next for Supertech Group that built them?

The fall of these iconic towers has sent a strong message to builders and officials colluding in corruption. But the razing of the Twin Towers has also posed some tough questions to Supertech Group. How will the demolition of the Twin Towers affect the financial position of Supertech Group? And will the company be able to complete its remaining unfinished projects?

India Today spoke to Supertech Group Chairman RK Arora to get answers to the above questions.

‘Twin Towers demolition will not affect other projects’

Supertech Group chairman RK Arora has expressed confidence that the demolition of the Twin Towers will not affect other projects.

Even before the Twin Towers were reduced to rubble, the company had issued a statement saying that it has delivered more than 70,000 flats and the demolition of these two towers with 952 flats will not affect the rest of the company’s projects.

Notably, Twin Towers held only about 1 per cent of the total under-construction and delivered flats of the company.

According to RK Arora, the company has already made 70,000 flats and about 20,000 flats are under construction.

In total, the firm has been involved in the construction of 90,000 flats, of which the Twin Towers’ 952 flats make up just 1 per cent.

RK Arora pointed out that the Supertech Group is valued at over Rs 10,000 crore. However, the firm had to suffer a loss of 500 crore due to the Twin Towers, including construction and refund, which would make it 5 per cent of the total valuation.

Noida Twin Towers demolished, what next?

This amount cannot be considered a small amount, nor can a loss of 5 per cent be considered a minor loss.

Supertech Group faces cash crunch

According to RK Arora, the Supertech Group is facing a cash crunch. In such a situation, to complete the remaining 20,000 apartments, which have been built up to 60 to 80 per cent, the firm is trying to arrange funding.

Presently, as the real estate market faces troubles of its own, the Supertech Group is finding it difficult to arrange funding, RK Arora said. He, however, assured that the construction of the remaining apartments would be finished in the next two years.

Only 1 project facing insolvency, says RK Arora

Supertech Group chairman RK Arora claims that only one project of Supertech Group has gone into the insolvency process. This project is Ecovillage-2, located in Greater Noida West i.e. Noida Extension.

Watch the Noida Twin Towers demolition through the eyes of a drone

According to Arora, except for 3009 flats of this project, no other project of the company is in disputed condition.

He said the firm is trying to arrange for last-mile funding to finish other projects soon.

4.5% of Supertech’s flats in the disputed category

During the inauguration of the two towers of Supernova in 2018, the Supertech Group’s Managing Director, Mohit Arora, had said that only 2 per cent of the firm’s flats are in dispute. The remaining 98 per cent part is clear and there is no dispute on that, he said.

The Twin towers were also included in this 2 per cent at that time. The company said that 3009 flats in Eco Village-2 had come under insolvency.

In total, 4000 flats of Supertech Group- 952 flats of the now demolished Twin Towers and 3009 flats of Eco Village- are disputed. This means that 4.5 per cent of the company’s total flats fall under the disputed category.

However, the homebuyers of Twin Towers flats have been given refunds. And so, excluding the Twin Towers, only 3 per cent of the Supertech Group’s projects are disputed.

Ran right inside: Demolition expert, covered in soot, recalls moment Twin Towers fell

But, from 2018 to 2022, the company’s disputed project has seen a rise of 1 per cent. In such a situation, any negative windfall would mean that the company will not be able to deliver on its promises.

Here’s a list of Supertech Group’s under-construction projects:

-Romano – Noida sector 18
-Eco village -2 Greater Noida west (Noida Extn)
-Spira -Noida sector 94
-Golf country – Yamuna expressway
-Supertech belfair- Sector 79 GGN
-Supertech hill estate – sohna
-Supertech safari studios-17A Yamuna expressway
-Supertech Zara residential apartments- sector 68 GGN
-Supertech the valley- sector 78 GGN
-Supertech 27 heights- sector 82 Noida
-Sector 79 GGN
1)Supertech defence floors
2)Supertech aadri
3)Supertech Araville
4)Supertech basera

-Sector 68 GGN
1)Supertech Zara residential apartments
2)Supertech 76 Canvas
3)Supertech scarlet suites
4)Supertech Azalia
5)Supertech hues

-Sector 2 sohna GGN
1)Supertech hill estate
2)Supertech Montana view
3)Supertech officers enclave
4)Supertech hill crest

-Sector 17 sohna
1) Supertech Sambhav homes

-Yamuna expressway
-Sector 22 D
1)Supertech Golf country Phase P2
2)Supertech Shaan
3)Supertech Golf Suites
4)Supertech Golf
5)Supertech Golf village
6)Supertech Golf

-Country plots
-Sector 17A
1)Supertech safari studios
2)Supertech Aero suites
3)Supertech Holiday Village
4)Supertech Grand circuit
5)Supertech upcountry plots

-Sector 118 Noida
1)Supertech Renesa

2)Supertech The Romano