Maradu apartment owners paid compensation

Of the ₹120 crore paid to builders, ₹90 crore was reimbursed

The 110 apartment owners of Maradu, who had purchased housing units in the demolished Maradu apartments, were reimbursed the money they paid to the builders for buying the flats, according to a communication.

Of the ₹120 crore the apartment owners paid to the builders, ₹90 crore was reimbursed. While a part of the money was provided by the State government as interim compensation to the apartment owners, a share also came from three builders. The Supreme Court-appointed committee to oversee the distribution of compensation, which was headed by K. Balakrishnan Nair, former judge of the Kerala High Court, had also recovered an amount of ₹28.41 crore from three builders, namely Golden Kayaloram, Jain Coral Cove and Alfa Serene. The State government chipped in with a contribution of ₹62.75 crore, said a communication issued by the committee.

However, the fourth builder, H2O Holy Faith, which owes ₹42.15 crore, has not made any payments including the compensation for the apartment owners. In his report to the Supreme Court, the Ernakulam District collector had submitted that the assets of the builder was worth only ₹7.62 crore. The report was submitted to the apex court, which had sought a report from the Collector on ways to recover the money from the builder through revenue recovery. The case will come up before the apex court on November 10, the communication said.