Finally, the Rs 200-crore Apple A Day property scam is heading for an amicable ending with the investors, whose lakhs of rupees were at stake, heaving a sigh of relief. A decision was taken on the fate of the 19 projects originally announced by the developers at a meeting of the investors here on Saturday.
An agreement has been signed with the builders and the association of investors to relaunch five projects out of the 17 unfinished ventures.
These projects will be completed in five months, said P Mohanadas, member secretary, Kerala State Legal Services Authority (KELSA).
“An agreement will be made to start the work of another six projects within 45 days. Another three projects will be launched by December,” he said.
Two projects, Apple Tower at Palarivattom and Branded Homes at Kakkanad, were already completed by the developers. There were reports that Apple A Day developers may drop three projects - New Kochi at Aroor, Apple Ice at Manjummal and Guest House at Palarivattom, owing to lack of funds. But the KELSA clarified that the developers are planning to join hands with other developers to complete these projects.
However, those investors who no longer want to be part of the project will get their money back.
“The officials informed that the reimbursement process will start from December 26 and will be completed in six months,” Mohanadas said.
According to the KELSA, 14 projects, which are under various stages of construction, will be finished by May, 2013. Around 300 investors attended the meeting.