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Tamil Nadu
Manapakkam investors left in the lurch
Staff Reporter
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 heaved a sigh of relief at media reports that the 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.
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