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The revenue officials are set to auction 13 properties belonging to Holy Faith Builders and Developers Pvt Ltd, owned by MD Sani Francis, at the Ernakulam collectorate conference hall on May 12. This is the third time that the properties are being put up for auction after the government had attached them following a Supreme Court Order. Francis failed to remit Rs 42 crore he owed to the apartment owners in Holy Faith H2O, one of the four apartment complexes that were demolished in Maradu for violating CRZ rules.
The valuation for each plot has been fixed based on market value, and the auction will be held plot by plot. The authorities aim to raise the arrear charges and other expenses related to the compensation amount owed to the apartment owners. The properties in question are situated in Kunnathunad and Kakkanad villages.
The Holy Faith H2O apartment complex was one of four complexes that were ordered to be demolished by the Supreme Court in 2019 for violating the Coastal Regulation Zone (CRZ) rules. The apartments were found to be constructed on a water body, which posed a significant threat to the surrounding environment.
Following the demolition, the apartment owners were promised compensation, and Francis was ordered to pay Rs 42 crore towards the same. However, he failed to do so, and as a result, the government attached the properties belonging to Holy Faith Builders and Developers Pvt Ltd.
This is not the first time that the properties are being put up for auction. The previous two auctions did not yield the desired result, and the properties remained unsold. This time, the authorities are hoping for a successful auction to raise the arrear charges and other expenses related to the compensation amount.
The revenue officials have been entrusted with the responsibility of conducting the auction. They will be responsible for ensuring that the auction is conducted in a fair and transparent manner. The auction is expected to be attended by potential buyers who are interested in acquiring the properties at a reasonable price.
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