The compensation amount was deposited by Golden Kayaloram and Jain Coral Cove by January 2021, and Alfa Serene in November 2021. However, H2O Holy Faith MD Sani Francis is yet to deposit the amount.
Revenue officials have attached for auctioning the properties of the builder of one of the four flats that were demolished in Kochi’s Maradu in 2020 for violating coastal regulation zone (CRZ) rules. The attachment of properties belonging to Sani Francis, managing director, and Vinod George, director of Holy Faith Builders and Developers Pvt Ltd, was reportedly initiated following a Supreme Court order to this effect. The Times of India reported that the 15 attached properties include 14 properties of Sani Francis and one of Vinod George, and that a report has been submitted to the SC after completing the attachment procedures. It was in January 2020 that four waterfront flats in the Maradu municipality were demolished through controlled implosions following a Supreme Court order issued by former justice Arun Mishra. An interim relief of Rs 25 lakh was given to flat owners who presented valid documentation by the state government immediately after the demolition. A judicial commission later fixed compensation at the amount that the owners had originally bought the flat, without adding the land value. By January 2021, two of the four builders, Golden Kayaloram and Jain Coral Cove, deposited the amount. Later, in November 2021, the third builder Alfa Serene also deposited the compensation amount. However, H2O MD Sani Francis is yet to deposit the compensation amount. A TNM Follow-Up in December 2022 had detailed the ordeals faced by former flat owners of H2O Holy Faith. In December 2022, the Supreme Court lifted the attachment of properties of the builders of Alfa Serene and Golden Kayaloram apartments. However, Livelaw reported, the court pulled up H2O Holy Faith for not paying the compensation amount and instructed the company to act as per the orders of the court within two months. The builders had on the occasion told the court that the company has not been able to raise the money, and that it does not have the means to. Sani Francis told TNM that 22 properties, including personal property and those belonging to the company, have been attached. He added that the company has submitted before the Supreme Court that H2O Holy Faith is not liable to pay compensation to flat owners as they are co-promoters who bought the lakeside land and entrusted the builder to construct the building.
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