SC warns Maradu builders of income restoration

By Express News Service
KOCHI: A 12 months after the demolition of 4 condominium complexes in Maradu, the Supreme Court on Tuesday directed the builders to deposit half the quantity earmarked as compensation for flat house owners. Else, the builders should face income restoration, the apex court docket warned. The court docket has given builders per week to take a remaining resolution. The matter might be taken up throughout the subsequent listening to scheduled for February 17.  

A complete of Rs 61.50 crore needs to be given to the flat house owners by all 4 builders. According to the Justice Balakrishnan Nair committee, constituted by the SC for distributing compensation to the flat house owners, solely Rs 4.89 crore has been acquired to this point. Other than Rs 2.89 crore paid by KP Varkey & Sons and VS Builders (Golden Kayaloram) and `2 crore by Jain Housing and Construction (Jains Coral Cove), no builder has remitted the required quantities but. 

While Alfa Ventures has to pay Rs 17.50 crore, Holy Faith Builders and Developers must pay Rs 19.25 crore, KP Varkey & Sons and VS Builders has to pay Rs 9.25 crore and Jain Housing and Construction has to shell out Rs 15.50 crore in complete. Over Rs 1.2 crore has been handed over to the federal government for the bills of the committee.The remaining Rs 3.75 crore is invested within the financial institution as a hard and fast deposit. 

Though the builders have requested the apex court docket to permit them to promote the properties to lift the compensation quantity, the bench requested them why they didn’t increase the matter earlier than the committee earlier than. Along with the order, the bench has directed the committee handy over the compensation to 13 flat house owners who shouldn’t have title deeds of the property primarily based on the contract letters of buying the flats. 

The apex court docket has determined to think about later the contempt of court docket petition filed by film director Major Ravi in opposition to the state chief secretary for having didn’t submit the listing of all buildings which have been allegedly constructed by violating CRZ guidelines within the state. 

Owners hail orderThe flat house owners welcomed the SC judgment. “It’s a relief for everyone. When the apex court constituted the committee earlier to fast-track the compensation process, the court wanted to ensure that all residents moved on with their life. Due to the lethargic approach from builders and Covid-related issues, the hearing was delayed. We are hoping a positive approach from the stakeholders in the coming hearing,” stated Varghese C M, president, Golden Kayaloram Residents Association. Despite repeated makes an attempt, not one of the builders responded to queries of TNIE.