Loan applicants cannot mortgage lands where K-Rail erected survey stones: Cooperative banks 

Representative image | Photo: Mathrubhumi

Thiruvananthapuram: Cooperative banks administrated by Congress declared that the loan applicants would not be allowed to pledge land where the K-Rail laid survey stones for the SilverLine project. However, there is no problem in laying stones on the land that has already been mortgaged for a loan. The Cooperative Reformation Committee requested that an order must be passed to avoid the challenge that is posed by the current course of things. Karakulam Krishna Pillai, chairman of the Cooperative Reformation Committee, told Mathrubhumi News that all cooperative banks face this problem.

‘It is clear that the land marked for the SilverLine project is going to be acquired for a purpose. The cooperative societies that lend loans do not know what the government is going to do with that land in the next phase. When the cooperative societies that lend money are not paid back properly, that will turn into a liability,’ Krishna Pillai said.

‘So, the cooperative societies cannot take such risks. All these issues will be solved if the government passes an order declaring that there will be no problem regarding the ownership or buying and selling of the property where the survey stones are being laid. Currently, no cooperative banks controlled by the ruling and opposition parties in Kerala can lend loans against those properties where K-Rail erected survey stones.’

Krishna Pillai also said that at present the stone laying on mortgaged land will not affect the groups. He added that in such cases the owner will get the compensation only after other liabilities are taken care of, like in the case of other land acquisitions.

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