KOCHI: A year after the demolition of four apartment complexes in Maradu, the Supreme Court on Tuesday directed the builders to deposit half the amount earmarked as compensation for flat owners. Else, the builders will have to face revenue recovery, the apex court warned. The court has given builders a week to take a final decision. The matter will be taken up during the next hearing scheduled for February 17.
A total of Rs 61.50 crore should be given to the flat owners by all four builders. According to the Justice Balakrishnan Nair committee, constituted by the SC for distributing compensation to the flat owners, only Rs 4.89 crore has been received so far. 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 amounts yet.
While Alfa Ventures has to pay Rs 17.50 crore, Holy Faith Builders and Developers needs to 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 total. Over Rs 1.2 crore has been handed over to the government for the expenses of the committee.The remaining Rs 3.75 crore is invested in the bank as a fixed deposit.
Though the builders have requested the apex court to allow them to sell the properties to raise the compensation amount, the bench asked them why they did not raise the matter before the committee before. Along with the order, the bench has directed the committee to hand over the compensation to 13 flat owners who do not have title deeds of the property based on the contract letters of purchasing the flats.
The apex court has decided to consider later the contempt of court petition filed by movie director Major Ravi against the state chief secretary for having failed to submit the list of all buildings which were allegedly constructed by violating CRZ rules in the state.
Owners hail order
The flat 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,” said Varghese C M, president, Golden Kayaloram Residents Association. Despite repeated attempts, none of the builders responded to queries of TNIE.