Residents amassing funds to rebuild flats

KOCHI: Though most apartment complexes in the city are not older than 10 years, apartment associations have set a long-term plan to reconstruct the building in the future. They also have a fund for the purpose. Sources said that there are some associations that have amassed over Rs 1 crore for reconstruction. The life period of apartments is between 50 to 60 years.
"The fund is made as fixed deposit in banks and normally not used for any other purpose," said V K Sankarankutty, president, All Kerala Apartment Owners (Apex) Association.
"Quality of construction here compared to apartments of other states. The life period of buildings vary depending on the construction. It is the responsibility of the apartment societies to select a builder to undertake reconstruction," said secretary of Kochi chapter of the Confederation of Real Estate Developers' Associations of India John Thomas.