Maradu flats: Apartment owners of Jain Coral Cove in Kochi to get back the value of their housing units

An apartment at Maradu in Kochi crumbles following a controlled implosion for demolition in January last year.   | Photo Credit: Thulasi Kakkat

The apartment owners of the Jain Coral Cove, one of the four apartments in Maradu, Kochi, that was demolished for violating the Coastal Regulation Zone rules, will get almost the full value of their apartments.

The approximate value of each apartment was estimated to be around ₹50 lakh. It was on January 11 last year that the Coral Cove apartment complex was demolished using controlled implosion.

Incidentally, the State government had earlier paid each apartment owner an amount of ₹25 lakh each as interim compensation, which had to be recovered from the builders.

On Monday, each apartment owner was set to get 47 per cent of the remaining value of the apartment. The money will be credited to the bank account of the apartment owners on the day as the builder has transferred the amount to the account of the committee appointed by the Supreme Court for overseeing the distribution of compensation for the apartment owners. The bank has assured to transfer the money due to the apartment owners on the day itself, committee sources said.

Quantum of money

There were 62 apartment owners and 11 agreement holders in Jain Coral Cove whom the committee found eligible for the compensation. The compensation committee had also fixed the quantum of money, which all the four builders were supposed to pay.

Of the ₹32 crore due from the builder of the Jain Coral Cove, ₹15.50 crore will be paid back to the government and the rest will be distributed among the apartment owners.

While the builders of Jain Coral Cove paid a significant portion of the amount due from them, an amount of around ₹50 lakh was realised from the bank account of Alfa Ventures, the builder of Alfa Serene apartment complex. The builders of Golden Kayarolam and H2O Holy Faith are yet to make any significant contribution to the kitty, committee sources said.

The committee, headed by K. Balakrishnan Nair, former judge of the Kerala High Court, has former Chief Secretary K. Jose Cyriac and former Chief Engineer of of Public Works Department (Administration), R. Murukesan as its members.

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Printable version | Jun 21, 2021 5:47:48 PM | https://www.thehindu.com/news/cities/Kochi/maradu-flats-apartment-owners-of-jain-coral-cove-in-kochi-to-get-back-the-value-of-their-housing-units/article34577816.ece

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