21-Aug-2007
KANCHEEPURAM: A group of investors from Manapakkam, on the outskirts of Chennai, walked away from the District Collectorate with a sense of insecurity writ large on their faces here on Monday.
Talking to reporters, they said that several of them had invested their retirement benefits/ hard earned money in the housing project promoted by a Kilpauk-based real estate promoter during 2003-04. “Being cautious by nature, we took utmost care in verifying the details presented to us by the promoter and also the veracity of a report that the National Airports Authority of India was looking for space for Chennai Airport Expansion project,” they said.
The investors, who had invested Rs.15 to Rs.30 lakh depending on their plot size and design of the houses, heaved a sigh of relief following media reports that NAAI had rejected the land acquisition proposal citing ‘poor’ and ‘weak’ soil conditions in Manapakkam, Gerugembakkam, Tharapakkam and Kolapakkam areas. Subsequently, the very same promoter launched Phase-II township project in 2006 in same area.
When the new investors — around 100 families — wanted to know whether the Phase-II area would come under the proposed airport expansion project before making up their mind to invest their money, the promoter allayed their fears by producing a letter issued by the Chennai Metropolitan Development Authority stating that the proposed site for second phase of housing project was “not affected as per the latest list.”
Following this, each of them booked individual villas, each costing around Rs.50 to Rs.65 lakh, depending on the plot size and house plan. But the entire second phase area has now been notified for acquisition for airport expansion project, they lamented.
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