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Payout for flat owners: SC directs sale of 22 properties


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PAYOUT FOR FLAT OWNERS: SC DIRECTS SALE OF 22 PROPERTIES

TNN / Apr 24, 2022, 03:37 IST
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Kochi: The Supreme Court, in a recent order, has directed authorities concerned
to go ahead with the sale of 22 properties belonging to the Holy Faith Builders
and Developers Pvt Ltd to compensate the flat owners.
The H2O Holy Faith was one among the four high-end apartment complexes in Maradu
which was demolished in January 2020 for violation of coastal regulation zone
(CRZ) rules. The SC order was in the wake of the report that the builder failed
to pay the balance amount as directed by the court in 2019.
The committee, which was appointed by the SC for distributing compensation to
the flat owners, had determined payment of Rs 42.14 crore to the flat owners of
Holy Faith. Towards interim compensation, Rs 25 lakh each was paid from the
treasury of the state government to flat owners. The builder was asked to pay
the balance amount of Rs 20 crore. However, the builder failed to pay the
amount.
Meanwhile, Ernakulam deputy collector had informed the court that of the 22
properties, seven were found not auctionable. Of the seven properties, three
were apartments and were already sold. But their sale deeds have not been
registered, the builder’s counsel had informed the court.


The other four properties are part of undivided share of land and cannot be
auctioned, the collector had informed.
The amicus curiae had made suggestions to the court regarding the procedure for
the sale of properties. As per the suggestions, the deputy collector of revenue
recovery in Ernakulam should collect the title document of the properties
identified, encumbrances and report the current position of the properties.
Surprisingly, the counsel appearing for the builder had told the court that the
entire fault (leading to the demolition of flats) lies with the Maradu panchayat
(currently it is a municipality) for granting permission for construction and
that the court has not finally determined the liability of persons who are
responsible. It said that the builder alone cannot be made responsible.
The court, while passing the order, said the decision on the submission of the
builder regarding putting final liability on people responsible for giving
permission, shall be decided at a later stage. The court will again hear the
case on May 2.
Meanwhile, three other builders – KP Varkey and VS Builders (Golden Kayaloram),
Jain Housing and Constructions Ltd (Jains Coral Cove) and Alfa Ventures Pvt Ltd
– whose buildings were demolished in Maradu had remitted the balance amount with
the SC-appointed committee.
While Jain Housing and Constructions Ltd had remitted the balance amount with
the committee in three instalments, Alfa Ventures Pvt Ltd paid the money in five
instalments and KP Varkey and VS Builders as a one-time payment.

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