Credai - Latest News Update, Information, Photos & Videos on Credai at Lokmat Times

A bench headed by Justice Arun Mishra rejected the prayer of builders' associationthe Confederation of Real Estate Developers Association of India (CREDAI), which urged the court to reconsider its order on the Maradu flats.The association had recommended putting the flats to some other use instead of demolition."We are not going back from our demolition order. Our order is final and this matter cannot be agitated afresh," the court said, rejecting the Credai plea.The court reiterated that there was no question of going back on the order."An order is order, and it has to be complied," the court said citing the instances of hundreds of deaths caused by floods.This observation was made in the context of illegal construction in the coastal area, which doubles the impact of environmental calamities.The court also asked the Kerala government to give Rs 25 lakh interim compensation to the Maradu flat owners after it was revealed that they had received less amounts on this account.Some flat owners recommended that a court-appointed committee process the compensation as per the sale deed of the flats. These flat owners cited the increase in value of the flats and, therefore, sought appropriate compensation.The court asked the Maradu flat builders to deposit Rs 20 crore within a month with the court-appointed committee.The apex court also directed the unblocking of the bank accounts of the builders, which were attached earlier, for depositing Rs 20 crore with the court appointed committee for disbursal among the 350 flat owners.The court asked builders concerned to submit their banking details on affidavit.The apex court also asked the one-member committee to examine the documents connected with payments made to the builders by the homebuyers in lieu of flats.The Kerala government told the court that they had disbursed Rs 10 crore as interim compensation to the flat owners.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

CredaiFOLLOW

Credai, Latest News

Business :Realtors' body seeks RBI intervention over rate cuts 'poor' transmission

Real estate developers' body CREDAI has written to the RBI, saying that the banks have not adequately passed on ... ...

Business :No going back on Maradu flats demolition order: SC

The Supreme Court on Friday said it will not retract from its order on the demolition of the Maradu flats in Kochi on the Kerala coast. ...