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Builder abandons project: Buyers complete it

1 Comment Sub Category:Apartment News,Kochi,Realty News,Residential Real Estate Posted On: Nov 27, 2012

Kochi- The credit for completion of the project Sree Bhadra Apartment in Tripunithura goes to its residents, as the builder, Maruti Homes, had abandoned the construction work in the middle, which was later completed by the residents.

The apartment structure was only built when the builder stopped the work, in 2007-08, citing the reason of loss of funds. Later a five-member committee was formed among the residents who had invested in the project, and in March 2010, the committee took up the work again. The apartment complex with 46 units was completed recently and was handed over to its owners.

The cost of flats ranged in between Rs 15 lakh to 25 lakh based on floor area. Only 10-12 buyers had paid fully while the rest had paid only up to 50 percent of it. Those who had not made full payments were asked to pay the remaining amount.

Assuring their flats to investors, the committee supervised the construction and completed the long pending work. It had even provided construction materials at a discounted rate.

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