KCCI wants panel to regulate builders in State

KOCHI: The construction industry in the state is going through a period similar to the 1980s when many of the private banks collapsed. After the fraud by   Properties came to light, the investors are making a beeline for the offices of real estate groups demanding their money back.  Many of the builders are at a loss as to how to tide over the situation. Owing to various reasons, the builders failed to ensure that the work progressed as per schedule. “The Apple A Day incident has maligned the reputation of  all those in the industry, Deepak L Aswani, chairman, Kerala Chamber of Commerce and Industry (KCCI),” said. “It’s like the banking industry. When a bank collapses, the investors make a beeline for all the banks demanding their money back”.“The Apple scandal has really tarnished the image of the construction industry in the state. The people have lost their faith in the promoters of various building and apartment projects. They started demanding their advances back when many of the projects progressed halfway,” Aswani said.  “Given the current state of affairs it is only a matter of time before the entire construction industry comes to a standstill. It will have  a cascading effect on the entire economy of Kerala,” he said. As the Apple case is now in the Kerala High Court, the KCCI has requested the chairman, Kerala State Legal Services Authority (KELSA), to give it an opportunity to mediate on the issue. The KCCI proposes to constitute a panel of experts consisting of the directors of the KCCI, leading advocates, eminent engineers and architects, certified chartered accountants or any representative suggested by the KELSA. The panel should monitor the activities of the builders. The committee should meticulously study the issue within a reasonable time period suggested by the KELSA and come out with proposals that would give definite solutions to protect the investors’ interest, Aswani said.E S Jose, former chairman of KCCI, said that the proposal had already been forwarded to the Chief Minister, Industry Minister, Opposition Leader and others concerned.