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SC ordered state government has to pay an compensation of Rs 25 lakh to each flat owner

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The Rs 20 crore that is to be deposited by the builders will be released to the flat owners after ascertaining the actual amount paid by each flat owner to the builder, and after deducting the interim compensation of Rs 25 lakh. 

The three-member committee headed by Justice K Balakrishnan Nair has directed the builders of the four apartment complexes at Maradu facing demolition to deposit Rs 61.50 crore in the committee’s account by December 27.

As per the Supreme Court order the state government has to pay an interim compensation of Rs 25 lakh to each flat owner, which has to be recovered from the builders. The committee has so far cleared an interim compensation to 246 flat owners. 

An order issued by the committee on Wednesday directed Maradu municipal secretary to issue notices to the builders to pay the money within four weeks. Notices are to be issued to Alfa Ventures Private Limited (Alfa Serene), Holy Faith Builders & Developers Pvt (Holy Faith H2O), KP Varkey & Sons and VS Builders (Golden Kayaloram) and Jain Housing & Construction Limited (Jains Coral Cove). 

Apart from the amount mentioned above, the apex court had also directed the builders to deposit a total amount of Rs 20 crore before the committee. Accordingly, the four builders of Alfa Serene, Golden Kayaloram, Holy Faith H2O and Jain Coral Cove have to pay Rs 5.28 crore, Rs 2.89 crore, Rs 6.52 crore and Rs 5.28 crore (figures rounded) respectively to the committee’s account. 

The committee said Alfa Ventures Private Limited and Holy Faith Builders & Developers Pvt have not paid any amount as directed by the Supreme Court. Jain Housing and Construction paid Rs 2 lakh while KP Varkey & Sons and VS Builders paid the entire amount to the committee. 

“The secretary shall issue notice to the three builders to pay the amount immediately,” said the committee. 

The Rs 20 crore that is to be deposited by the builders will be released to the flat owners after ascertaining the actual amount paid by each flat owner to the builder, and after deducting the interim compensation of Rs 25 lakh. 

For ascertaining the actual amount paid by each flat owner to the builders, the committee had directed the builders to intimate the actual amount received by them from each flat owner. Accordingly, three out of the four builders have intimated the specific amounts received from the flat owners.

Source: Press Release

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