Kochi flat owners paying price for undervaluation

Even as the Supreme Court ordered interim compensation of up to Rs 25 lakhs to the owners of flats in Kochi to be demolished for Coastal Regulation Zone (CRZ) violations, only two flat owners were made eligible for that amount by the Supreme Court appointed committee, while 12 others would get Rs 13 lakh to Rs 21 lakh.

Out of the 326 flats in five high-rises to be demolished, only around 240 were having proper documents to prove proper ownership.

Though the owners claimed Rs 50 lakh to over Rs 2 crore as compensation, the value shown for registration purposes were very low in order to evade tax. Hence the compensation amount was also being decided based on the value shown for registration purposes.

Sources said that the committee headed by Justice K Balakrishnan Nair was examining the records of the remaining flats and would take a decision on the interim compensation soon.

Meanwhile, the two firms short listed for demolition of the high-rises would be soon submitting the plan for demolition method soon.