Two builders to sell properties to pay Maradu residents’ compensation

The apex court has asked to deposit `61.50 crore for disbursing the compensation to the flat owners.

Published: 31st December 2019 06:26 AM  |   Last Updated: 31st December 2019 06:26 AM   |  A+A-

Maradu flat

A night view of H20 and Alfa Serene which are stated for demolition. (Photo | Arun Angela, EPS)

By Express News Service

KOCHI: Two Maradu high-rise builders -- Alfa Ventures and Holy Faith Builders -- who have not paid the compensation to the residents, on Monday assured the Supreme Court-appointed committee that they would sell off their properties soon to pay up the amount.The two builders gave the assurance during the Justice Ramachandran Nair committee’s sitting here. The Supreme Court’s deadline to remit the fine amount in the committee’s bank account elapsed on Friday. 

The apex court has asked to deposit `61.50 crore for disbursing the compensation to the flat owners. While K P Varkey & Sons and V S Builders paid the entire amount and Jain Constructions has remitted around `2 crore so far. “Alfa Ventures and Holy Faith Builders haven’t remitted their amount yet. Their representatives have informed us that they are going to sell a few properties to raise the amount and we will consider the applications in the next meeting. As the builders have disobeyed the Supreme Court order, we will inform the same to the apex court on Tuesday,” said Ramachandran Nair.  

However, Justice Ramachandran Nair has clarified that the committee will finalise the additional compensation in its next meetings scheduled for January 7 and 10.  “We are computing the additional compensation claims made by the flat owners. The committee has gone through a major part of the documents on Monday. Many of these demands are for reasonable rates and we will finalise the claims in the next sitting,” he said. The meeting held at Ernakulam Guest House was attended by former Chief Secretary K Jose Cyriac and PWD former chief engineer R Murukesan. 


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