Around 100-metre-tall Supertech twin towers, Apex and Ceyane, were demolished on Sunday as per Supreme Court order that found their construction within Emerald Court premises in violation of norms. More than 3,700 kgs of explosives were used in this operation and the cost of demolition was estimated to be about ₹20 crore.
Supertech's Chairman RK Arora informed that the company has incurred a loss of about ₹ 500 crore, including construction and interest costs, because of the demolition of its twin towers. It is paying ₹17.5 crore to Edifice Engineering, which executed the demolition operation, including the premium amount for a ₹ 100-crore insurance cover. In addition, there are several other costs associated with the demolition.