The Noida twin skyscraper was destroyed in eight seconds. The 32 & 29-story structures are now reduced to nothing but ruins. Its cloud of smoke was seen from many kilometers distant. These towers, which cost over 200 crores to build, were demolished for about 20 crores. Who made it in this circumstance is a question that everyone has in their thoughts. Who owns these twin skyscrapers, and how was he able to construct such a substantial structure? So today we’ll fill you in on every detail regarding the Twin Towers’ owner.
Who is the Twin Towers’ owner?
Supertech Company erected this twin tower. RK Arora is the title of the business’s owner. RK Arora has founded 34 businesses. These businesses are engaged in civil aviation, consulting, stockbroking, printing, film production, housing finance, and building. Furthermore, if news reports are to be believed, RK Arora has already started a business to construct a cemetery.
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How did Arora begin his business venture?
The company was reportedly founded by RK Arora and a few friends on December 7, 1995. Noida, Greater Noida, the Yamuna Development Authority region, Meerut, and the Delhi–National Capital Region are just a few of the locations where the corporation has begun construction on residential or commercial real estate projects. Arora quickly became well-known in the property industry. Arora then proceeded to start up further 34 businesses. The various functions served by these were distinct.
In 1999, Sangeeta Arora, his wife, founded Supertech Builders and Promoters Private Limited, four years after he founded Supertech Limited. Not only that, but RK Arora and his son Mohit Arora have entered the energy production, distribution, and billing industries. Supertech Energy & Power Private Limited was set up for this express purpose.
How was it that a 32-story structure was erected?
The events in the story take place on November 23, 2004. Emerald Court was built on sector 93A’s plot number 4 after being allocated the land by the Noida Development Authority. The allotment came with a clause allowing for the construction of houses with a maximum of nine stories (counting the ground level). This licence was modified 2 years later, on December 29, 2006.
Supertech was granted a variance from the Noida Authority that now allows for the construction of apartments with 11 rather than 9 stories. In response, the regulatory body ordered even more skyscrapers to be constructed. Initial plans were for constructing 14 towers, but this was later increased to 15, and subsequently to 16. Another hike occurred in 2009. The Noida Authority ratified the 17-building project on November 26, 2009.
The FR for Towers 16 & 17 was updated once more on March 2, 2012. With this change, the height of both towers was authorised to be raised to 40 stories. Its peak is a standard 121 metres in height. Only nine metres were allowed to separate the two towers. However, the regulation specifies that at least 16 metres must separate the towers in this case.
The Supertech firm obtained the necessary permits and then built 32 stories in one building and 29 in the other. As a result, the case made its way to court, where wrongdoing at every stage of the tower’s construction was eventually uncovered. Both towers have been destroyed at this point.
How come it took eight years to finally give up on it?
To overturn the Allahabad High Court’s ruling, Supertech appealed to the Supreme Court. It took seven years and an appeal to the Supreme Court, but on August 31, 2021, the Supreme Court affirmed the Allahabad High Court’s ruling. Within three months, the Supreme Court mandated that the Twin Towers be torn down. After then, the next deadline is May 22, 2022. However, the deadline was once again pushed out because the necessary preparations were not finished in time. There was a formal announcement of the cancellation today.
Why did Supertech collapse?
Following the Supreme Court’s directive to knock down the Twin Towers, RK Arora’s health began to deteriorate. And over 200 crores ($40 million) were spent on its construction. Of them, 711 apartments were reserved. The citizens had also given money to the company for this purpose. When the Supreme Court ruled that its demolition was necessary, 652 investors’ claims were paid in full, with interest. This figure includes the booking amount as well as the interest rate of 12%. More than 300 of them opted for the refund, while the others purchased homes in other developments at prices determined by the difference between the original purchase price and the property’s current market or booking value plus interest. The difference, if any, between the assessed value and the amount paid is returned or deposited, respectively.
59 Twin Towers investors have not yet received their money back. Even though Supertech declared bankruptcy on March 25th, the return process was not finalised until May. About Rs, 14 crore in outstanding refunds is yet to be distributed. The court was informed in May that Supertech had declared bankruptcy and was therefore unable to make any refund payments.
This resulted in significant financial losses for the business. Supertech Company was officially deemed insolvent in March of this year. Among RK Arora’s various businesses is one called Supertech, which deals in real estate and built a pair of twin towers before declaring bankruptcy. Union Bank has extended credit to Supertech totalling approximately Rs 432 crore. Due to debt default, the bank has initiated legal action against the company. Soon after, the NCLT granted the bank’s petition and initiated the insolvency procedure.
Supertech made what kind of remark?
Supertech has stated the destruction of the twin towers. The declaration confirmed that we had built the tower after paying the required fees to the relevant authorities. Despite this, the two towers were ordered to be demolished after the Honorable Supreme Court ruled that the quality of the building was inadequate on technical grounds. We will abide by and comply with all Supreme Court orders. This Engineering, a prestigious firm with extensive experience in the controlled demolition of high-rises, has been entrusted with the demolition. Over 70.0 thousand people have now been provided with ready-made apartments by us. In addition to the promised distribution, the remaining funds will be distributed to the populace at the appointed time.