NEW DELHI, Aug 29 (NNN-PTI) – The demolition of the twin towers near Delhi yesterday, was widely hailed by the Indian society, particularly those engaged in the realty sector, which said, it was a stern message to the builders who violated laws, while carrying out illegal constructions.
The current market value of over 900 apartments located in the twin towers was estimated at over seven billion Indian Rupees (87.53 million U.S. dollars).
The twin towers of nearly 100 metres in height, belonged to the realty firm Supertech Limited, and were situated in Noida, a residential town adjacent to Delhi.
Hailing the move of demolishing the twin towers, Forum for People’s Collective Efforts (FPCE) president, Abhay Upadhyay said, it was a “huge victory” for the flat owners, reported the online edition of The Tribune newspaper.
Referring to it as demolition of the “ego of builders and development authorities,” he said that, the responsibility of development authorities should have been fixed in this case.
Confederation of Real Estate Developers Associations of India (CREDAI) president, Harsh Vardhan Patodia, was quoted as saying that, the decision is “symbolic of the New India that we are living in,” which is all about best practices, governance and following the law. “We stand by the authorities and Supreme Court in this decision,” Patodia said.
According to him, most of the organised developers were adhering to all guidelines laid down by the authorities, and this will act as a good reminder for those who do not.
CEO of REA India Dhruv Agarwala said, “This will set a good precedent for the housing sector. It will serve as a deterrent for developers to violate building norms and laws.”
Meanwhile, Supertech Limited’s chairman, R.K. Arora, said that, his company had incurred an estimated loss of nearly five billion Indian Rupees (62.52 million U.S. dollars) because of the demolition of its twin towers.
Following complaints, regarding illegalities involved in the twin towers’ construction, the Supreme Court of India had last year ordered for their demolition.
Reports of illegal constructions by the builder lobby are galore in India, even as questions are often raised about the construction quality of high-rise residential apartments or flats.
Often the nexus between the builder lobby and the local authorities is blamed for the illegal constructions carried out in the country.
More than 3,700 kilograms of explosives were used in the demolition of the twin towers. The demolition work was carried out efficiently with no damage reported from the residential units situated next to the twin towers. As a precautionary measure, all nearby residential units were vacated by the local authorities yesterday morning.– NNN-PTI
