Kochi flat eviction: Owners blame banks for predicament

Kochi flat eviction: Owners blame banks for predicament

A view of Alfa Serene Apartments at Marad built on the coastal zone in Kochi of which the Supreme Court ordered a demolition. PTI Photo

As the 343 water front luxury flats in five high-rises on the banks of the backwaters of Kochi are now facing demolition order, many customers raise a pertinent question of how the banks sanctioned them housing loans for a disputed structure.

Malayalm actor Soubin Shahir was among the ill-fated customers. He bought an used flat in H20 Holy Faith, one of the apartments to be demolished, hardly one year back by availing bank loan. "Now the back authorities are keeping silent when I asked them how they sanctioned loan for such a disputed building," he told DH.

While those with loan repayments still pending have the option of defaulting the balance repayment, there are many who had repaid the entire loan and put pressure on the banks. Prasanth, a resident of the same apartment since 2010, said that he had personally consulted advocates before buying the property. Moreover since he availed bank loan, the bank authorities also should have done the legal vetting. But he had already repaid a major chunk of the loan.

K P Ouseph, a resident of Alfa Serene apartment, also availed bank loan for buying the flat several years back. "We have become victims of a lapse on the part of the banks and their legal officers in properly vetting the documents," he lamented.