The apex court had appointed Justice Balakrishnan Nair committee to carry out the compensation process as soon as possible.
The apartment owners who have received the initial compensation will also receive the pending amount. The owners who are yet to vacate the properties, from these flats will have to complete the procedure by October 31.
According to reports, the builders of the four apartments — H2O Holy Faith, Alpha Serene, Golden Kayaloram and Jain Cove have jointly deposited ₹20 crore in the panel’s account. The money has been deposited based on the number of flats and depending on their value.
According to Onmanorama, Alpha Serene has deposited ₹4.49 crore (₹6.15 lakh each for 73 flats), Golden Kayaloram ₹2.46 crore for 40 flats, Jain Coral Cove ₹7.51 crore for 122 flats and Holy faith H2O ₹5.54 crore for 90 flats.
Meanwhile, Holy Faith Builders and Developers MD Sany Francis has sought for compensation, claiming that he also owns a flat in the apartment. But the panel has rejected the request.
The state government earlier had appointed Guinness record holder and veteran engineer B Sarwate to look into the demolition process. He also inspected the flats and the residing areas on October 11. As per the Supreme Court’s deadline, the flats will be demolished by January 9, 2020.
Two firms were shortlisted for the demolition process – Edifice Engineering and Vijay Steels. Holy Faith H20, Jain Housing, and Golden Kayaloram flats will be handed over to Edifice while Alpha Serene, which has two towers, will be handed over to Vijay Steels for demolition.
On May 8, the apex court had directed that these buildings be removed within a month as they were constructed in a notified CRZ, which was part of the tidally-influenced water body in Kerala.