The Managing Director and Director of Holy Faith Builders and Developers Pvt Ltd, Sani Francis and Vinod George, have had their personal assets seized by tax authorities in response to the ongoing struggles faced by apartment owners in the demolished Holy Faith H2O building in Maradu. Following a Supreme Court order, 15 personal possessions, including properties owned by Francis and George, have been attached. While apartment owners in three other demolished buildings have received compensation, those affected by the Holy Faith H2O development are still awaiting reimbursement.
Tax authorities have recently seized the personal assets of Sani Francis and Vinod George, the Managing Director and
Director of Holy Faith Builders and Developers Pvt Ltd. This action comes in response to the ongoing struggles faced
by the owners of apartments in the Holy Faith H2O building, which was demolished in Maradu back in 2020. Over the
past three years, these apartment owners have been striving to recover the money they had invested in their properties.
Following the Supreme Court's order, the authorities have completed the process of seizing 15 personal possessions,
including 14 properties owned by Francis and one owned by George. The attachment procedures have been finalized,
and the Supreme Court has received the corresponding report. The apex court took this step to attach the personal
properties of the builders, as they had failed to provide any compensation to the apartment owners.
While the apartment owners in three other demolished buildings in Maradu have received the determined amount of
compensation from the builders, the situation remains dire for those affected by the Holy Faith H2O development. The
revenue authorities made several unsuccessful attempts to sell off the previously associated properties of Holy Faith
builders. The revenue department has now clarified that the attached properties cannot be sold, mortgaged, or
transferred, as they are under the purview of the Supreme Court.
As a result of the builders' delay in reimbursing the apartment owners, many Holy Faith H2O residents currently find
themselves in a state of helplessness. They have only received interim compensation from the government, while the
developers have failed to provide any funds. The protracted litigation process, driven by the builders' solicitors, has
further exacerbated the situation. Consequently, numerous affected parties have resorted to renting or living with
family members for an extended period. Moreover, the damage to furniture and the financial constraints have forced
some families to sell their belongings at a reduced price. Joyson E. Pallan, the association's secretary for the Holy
Faith H2O apartments, expressed their lack of resources to construct a new residential complex.
In their pursuit of justice, the apartment owners have appealed to the Supreme Court to request the government to
provide compensation of Rs. 8,500 per square foot. The government now faces two options: implementing a suitable
restoration plan or seizing the builder's land in Maradu and putting it up for auction. The decision rests with the
government as they seek a resolution for the affected residents.
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