The Ganapathy Maanagar Home Owners Joint Association (Blocks I to IV) in Coimbatore staged a protest on Friday, raising allegations of long-standing financial discrepancies against the Tamil Nadu Housing Board (TNHB) and the Coimbatore Housing Unit.
The association alleged that for the past 33 years, officials have engaged in systemic accounting errors, such as misallocating payments in internal working sheets and failing to credit payments on the actual dates received, leading to the unfair accumulation of interest.
The committee alleged that residents were overcharged for land acquisition costs despite favourable legal rulings and arbitration awards, and that title deeds are being withheld.
They also highlighted issues with outdated computer programming methods that fail to accurately reflect payments over certain thresholds, resulting in inflated interest rates ranging from 17% to 21%.
As a mark of protest against these alleged deceptive practices and the lack of resolution from the housing board, the association announced boycott of the upcoming Assembly election.
