Coop Bank under control of CPM purchases resort in Munnar paying Rs 29 cr
Munnar: A resort in Munnar which was undergoing revenue recovery procedures have been purchased by the Service Cooperative Bank under control of the CPM. Munnar Service Cooperative Bank purchased T and U Resort for Rs 29.5 crore. The resort is located near Mar Thoma Church, on the way from Munnar town to top station.
The Rs 31 crore property includes a 35,000 square feet building with 35 rooms and one-acre land. Allegations have arisen that the bank invested such a huge amount when the tourism industry is facing a heavy loss due to COVID crisis.
Meanwhile, bank president K V Sasi said that the allegations are baseless. The government has granted permission to purchase the building for Rs 31 crore and the property was bought for Rs 29 crore, he made it clear.
The market value of the property is much higher than the amount and many people will get employment through this. Permission for purchasing the resort was sought from the Department of Cooperation and other concerned authorities, K V Sasi stated.