Rs 95 crore insurance cover for Maradu demolition

KOCHI: The four apartment complexes, to be demolished at Maradu municipality, will have a total insurance cover of Rs 95 crore. Though initially Rs 125 crore was projected as the insurance cover, Fort Kochi sub-collector Snehil Kumar Singh, who is in charge of demolition project, confirmed on Tuesday that the figure was Rs 95 crore. The implosion dates and timings had been finalized earlier and authorities have started a structural audit of buildings and houses neighbouring these complexes by taking photographs to make the insurance claim an easy process.

Singh said that the insurance agreement was finalized and it includes the provision that compensation for restoration and repair of the buildings and other structures that may develop damage during the implosion would be provided at the current market value. Residents in the neighbourhood were demanding compensation as per market value.

According to the finalized agreement, the two towers of Alfa Serene and H2O Holy Faith structure will be insured for Rs 25 crore each. Jains Coral Cove and Golden Kayaloram will be insured for Rs 10 crore each. Singh said there will not be any radial limit for the insurance claims. “The agreement includes the market value to be considered in the event of damage. Photography is being done for all houses, which would have to be vacated during demolition, to ensure that damages that might happen is established and claims can be processed easily. Houses, which have already developed cracks, would be repaired after the process is complete,” he said.

Structural engineers are carrying out an audit of the adjacent buildings to validate the blast impact and generate a sufficient document to be referred during the processing of insurance claims. People, who have to vacate their houses, would be asked to move only for three to four hours. Sources said around 240 families will have to be evacuated during demolition and they will be lodged in Sacred Heart College, Thevara, and Fisheries College, Panangad, until the location is declared safe for their return.

Singh confirmed that Holy Faith will be brought down first at 11am on January 11 followed by Alfa Serene’s twin towers at 11.30am and 12pm respectively. On the next day, Jains Coral Cove will be demolished at 11am and Golden Kayaloram at 2pm. Any change in schedule would be taken in case of extreme administrative bottlenecks.

Source: The Times of India