Kochi: October 30, 2016 will be a victory day for the Big Apple project, which rose like a phoenix from cheating cases. The inauguration is the culmination of the ten-year fight by investors who were forsaken by the builders. On the forefront of the fight were the Big Apple Buyers Association, KITCO and Nanma Properties, a division of the Eastern Group.
It was in 2006 that Apple a Day Properties unveiled the Big Apple project in Palarivattom. As per the deal, flats were to handed over in 2008. The builders mobilized Rs 36.4 crores from 224 investors but by 2010, the y had vanished after stopping the work mid-way.
After this the banks, which had given loans to investors, began to issue notices. The investors wanted to put an end their ordeal by reviving the project and formed the Big Apple Buyers’ association. After the police left them high and dry, they moved the High Court, which declared an order in their favour. However, the builders moved the Legal Service Authority for a settlement against the order to submit Rs 150 crores. Thus, it prolonged for one and a half years. As no positive results were achieved, the investors again moved the court. Following this, the HC appointed an administrator, under whose monitoring the Association completed the project.
KITCO was brought in as a consultant for construction activities. While the tender process to complete the remaining works was on, Nanma Properties came in the scene, with the promise of undertaking the works on a turnkey basis. A deal for Rs 34.2 crores was worked out as the completion of the work was necessary to get back the Rs 36.4 crores given to Apple a day properties. It was a difficult time for the association to get access to funds. However, they managed it as loans from different sources.
According to a press release from the builders, completion of real estate projects, which are stopped in between after collecting money from the public, is a stated goal of Nanma Properties founded by Navas Meeran and so, the involvement in Apple a Day project was quite natural for them.
Kerala Biz News
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