Major Property Auction Signals Recovery Efforts in Kerala Real Estate
The Kerala revenue department has started the process to auction 13 valuable properties owned by Holy Faith Builders and Developers Pvt Ltd. This marks a significant step in the state's efforts to resolve stalled real estate projects. This decisive action comes from the builder's failure to compensate homeowners affected by the controversial Maradu apartment demolitions.
Background of the Holy Faith H2O Case
Sani Francis's company owes around Rs 42 crore to residents of Holy Faith H2O, one of four apartment complexes demolished in Maradu for breaking Coastal Regulation Zone (CRZ) rules. The Supreme Court's intervention led to the attachment of these properties, ensuring accountability in Kerala's real estate sector.
Holy Faith H2O became the first building razed on January 11, 2020. This demolition set a precedent for environmental compliance in coastal areas. The demolition affected numerous families who had invested their life savings in these properties.
Auction Details and Procedure
Revenue officials will hold the auction at the Ernakulam collectorate's conference room. They will use a plot-by-plot method to maximise recovery potential. Each property's value has been carefully assessed to ensure fair market pricing during the auction.
The government's systematic approach shows commitment to protecting homebuyer interests while maintaining regulatory standards. This auction brings hope to families who are seeking compensation after enduring years of legal battles.
Impact on Kerala Real Estate Market
This high-profile case reinforces the importance of regulatory compliance in Kerala's property development sector. Builders across the state now understand the serious consequences of breaking environmental norms and failing to honour commitments to homebuyers.
The successful recovery of Rs 42 crore would set a positive precedent, encouraging confidence among potential property investors in Kerala's real estate market.