New Delhi: The demolition of Supertech’s twin towers Apex and Ceyan in Noida’s Sector 93A is a lesson, for all stakeholders in the real estate business, that accountability will be fixed if they violate building laws, industry leaders said. According to a report by news agency PTI, the state regulatory authorities under the Real Estate (Regulation and Development) Act, 2016 should be empowered to take action against violators and protect consumers interest, they added.
Supertech's twin towers -- part of its Emerald Court project in Noida -- were safely razed to rubble on Sunday, a year after the Supreme Court ordered their demolition. Over 3,700 kg of explosives were used in the massive exercise.
"This 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," PTI quoted CREDAI (National) President Harsh Vardhan Patodia as saying.
Most of the organised developers are adhering to the guidelines laid down by authorities and this demolition act as a reminder for those who do not, Patodia added.
It is to be noted that the Confederation of Real Estate Developers Associations of India (CREDAI) represents more than 13,000 developers across 221 city chapters in 21 states.
When contacted, leading property consultant Anuj Puri said, "It's a lesson for all stakeholders concerned. The apex court has confirmed that If there are any violations, accountability will be fixed and going forward stakeholders will need to avoid any violations and remain within the purview of law."
Shishir Baijal, chairman and managing director, Knight Frank India, said it is a strong statement towards making real estate a transparent and responsible business segment.
"We feel that developers and buyers will take cautionary notes and ensure that their projects are free of ambiguity and have all necessary clearances," he said.
Notably, another realtors' body NAREDCO did not comment on Sunday’s demolition.