What do you guys think about Jaypee Greens Wishtown - NOIDA? Is this a good time to buy? Is Wishtown a good investment?

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  • Surprisingly, Jaypee has their name on stake which also effects prices as well as future customers.
    In case Jaypee is trying to offload their other businesses to reduce debt and focus on realy estate, than the the seriousness does not reflect in their actions.
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  • Yes - but isnt that true for most builders.

    I used to wonder about this a lot. Viz. all builders are bad...all you need to stand out are some basics - timely possession, good construction quality, good CRM, 0 to minimum Super Area increase. These are enough for your next project to be sold out in days.

    But the conclusion is - it doesnt work like this, builders just dont think like this, they - like greedy puppies - immediately use the proceeds to 'invest' elsewhere or pay off prior debts or whatever.

    The project ceases to become priority once sold. EVEN at the cost of reputation or future sales.

    The buying public is still very very easily made fools off, no one remembers very long - viz by some miracle if Jaypee delivers a lot of WT, people start living the township life - trust me - ALL WILL BE FORGOTTON. The JP marketing machinery will take over, sell user accounts and lovely pictures.

    Prospective buyers will again get tempted and the pain we all are undergoing will be forgotton
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  • Originally Posted by dineshsays

    But the conclusion is - it doesnt work like this, builders just dont think like this, they - like greedy puppies - immediately use the proceeds to 'invest' elsewhere or pay off prior debts or whatever.



    RE regulation says a special escrow a/c should be opened for each project and money collected from buyers should be deposited in that a/c. There is provision of auditing the a/c before financial yr closure. Buyers should force builder to follow this to avoid misuse/divert of the money and supervise the construction meeting with contractor on regular basis. :D
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  • Originally Posted by rahulkumar12
    RE regulation says a special escrow a/c should be opened for each project and money collected from buyers should be deposited in that a/c. There is provision of auditing the a/c before financial yr closure. Buyers should force builder to follow this to avoid misuse/divert of the money and supervise the construction meeting with contractor on regular basis. :D

    If there is such a provision, then let our association make that as the topmost priority.

    Get the escrow validated.

    If it exists
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  • I think this Escrow thing should become the first Agenda than anything else....Venky , Chandan....if you are reading this....put a thought about this as part of your core group of people

    Even with the pending money which all buyers have to pay to Jaypee...if there is control on that....The WishTown + Aman can be completed quite nicely and quickly. Mnay of the project structures are already ready

    But Jaypee will have an idea to collect this money and spend on building another hospital....The one we have in wishtown is part of Jaypee Infratech with 600 crores spend on that....It takes many years to break even...the Hospital goes for loss...it is just an asset...




    Originally Posted by dineshsays
    If there is such a provision, then let our association make that as the topmost priority.

    Get the escrow validated.

    If it exists
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  • Thank you for suggestions.... The core group meeting is on Thursday post which we will validate various options on the table.
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  • Incredible is the word, well done.


    Originally Posted by singhpushkar
    At the outset we would like to say thanks to all who supported for 30th agenda. A special thanks to 500 plus people who joined for 30th August meeting, be it elderly senior citizens, youth and kids as well accompanying their parents. We received tremendous response and feedback through different communication channels for 30th August meeting.

    We would like to brief here the proceeding of 30th August meeting:
    a) We started accumulating since 10 AM.
    b) Jaypee had made seating and microphone arrangement in Annapurna Café which was too small considering 500 plus gathering, buyers had no option but to sit on ground.
    c) To set the tone we had an initial agenda setting meeting within the buyers, did some media clicks and proceeded towards Annapurna Café.
    d) Second level management (Mr. Ajit Kumar and Mr. R K Anand) joined there and tried to address the buyers.
    e) Buyers outright rejected to discuss second level management and clarified that we will meet top management only.
    f) Finally they agreed, Samir and Sachin Gaur joined the meeting which the buyers applauded.
    g) People were really angry with the management. To understand the anger level, we decided to have to the point discussion.
    h) Buyers representative raised one by one point (as decided in the agenda i.e. possession, penalty and super area increase). Management was no that kind to accept majority of buyers request and agreed to formally sign Minutes of Meeting (MoM).

    i) After the meeting got over, buyers proceeded towards media people to publicise their anger.
    j) 7 representative from the buyers again met with Mr. Ajit Kumar and Mr. R K Anand for sign off on MoM with the management (combination of 4 from event management committee and 3 randomly selected from the buyers).
    k) After lot of discussion on language and signing authority, management agreed on one point of language and sign off from Mr Gaur. This will be a strong base for any legal actions.
    l) In between rain started and buyers scattered and the day was over with not very satisfactory outcome due to Jaypee management rigidness.

    Attachments:
    a) Buyers submission
    b) Signed MoM



    Jaypee management has agreed that they will be sharing realistic completion dates with Wishtown and Aman buyers in next 7 days. If in case anyone is in non receipt of such communication from Jaypee please revert on jaypeegreensresidents@.com, we will take it up with Jaypee management in follow up meeting with Jaypee.
    We understand everyone’s expectation and looking towards the way forward. We are introspecting about the outcome of 30th meeting, assessing what went right and what went wrong. We are also working towards way forward of this agenda and a follow up with Jaypee management for agreed points.


    We will send next update as soon as we finalise.

    Thanks Again.
    www.jaypeegreensresidents.com


    Posted below are some of the web links for media coverage and pictures
    http://www.noidaforum.com/black-rage-at-the-jaypee-infratech-homeowners-meet-in-sector-128/
    प्राइवेट बिल्डर के खिलाफ बायर्स ने किया प्रदर्शन - Navbharat Times
    Buyers seek Jaypee date commitment - The Times of India



    You tube Link:
    https://www.youtube.com/watch?v=RR99ZzcA4aI&feature=youtu.be
    http://youtu.be/k8xO4wPhY7o
    http://youtu.be/Liiwcll8CNE
    http://youtu.be/yEZ1Rksx78o
    http://youtu.be/nzNdC_b3eic
    http://youtu.be/JLfSxnkOkWM
    http://youtu.be/mS7GyZTS0v8
    http://youtu.be/JyfuT8YC3d8
    http://youtu.be/nSMfxYT69JA
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  • Dinesh i also wonder at the stupidity of Jaypee. They have prime land for launching projects and they are busy destroying their brandvalue.

    For 300 crore income by increase in super area they are destroying 30,000 crore worth of opportunity

    Re Escrow.

    We need to file a case and get a interim order receivables to go into escrow.

    Not easy. But must form a part of the case.
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  • Venky - for the last year or so, words like incredulous and flabbergasted often come to mind while reflecting on Jaypee's performance. Infact the potential risk that they are exposing themselves to is a lot more than 30k cr. Consider YEW sports city and other land banks uptil Agra.

    By delivering this late, increasing super area etc - they are doing a lot of damage to their ability to sell in the future.

    Infact - I think they may restrategise and sell these land banks to other builders to develop.

    WT may well be their last full blast township development foray.

    On the escrow - I am a little skeptical - is it or is it not mandated by law? Are they breaking the law?
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  • Escrow is mandatory for FDI projects I think. It is used by small or new builders to gain confidence as well. Another scenario is when land is owned by some one else and marketed by a bigger player. For example Godrej uses this strategy in Mumbai for most redevelopment projects to instill confidence. Being a listed company JP's quarterly reports should give a good picture of how they use revenue from real estate sales.

    And, yea JP will sell a lot of land bank once BJP/BSP forms the government in UP in 2017. A declaration of a project like for example international airport is what should inflate their land bank value in YEW/ Agra. I think their current cash flow is too poor to allow fast execution of WT. Situation may improve post Reliance buying their power projects. JP has brought all this trouble upon itself but they will finally prevail owing to sheer large size of land bank.
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  • Dinesh almost all builders are likely to sell land. But wishtown land JP will be foolish to sell unless compelled by debt level

    Escrow is currently not mandatory. But if buyers file a case against super area then they can get the judge to pass an order saying the super area component should be put in escrow account and then buyer allowed to register flat. After litigation is over the money in escrow goes to winner.

    This way Jaypee cannot touch the money
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  • I meant selling other banks apart from WT.

    Hmmm...that is a thought
    ...
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  • Originally Posted by Venkytalks
    Dinesh i also wonder at the stupidity of Jaypee. They have prime land for launching projects and they are busy destroying their brandvalue.

    For 300 crore income by increase in super area they are destroying 30,000 crore worth of opportunity

    Re Escrow.

    We need to file a case and get a interim order receivables to go into escrow.

    Not easy. But must form a part of the case.


    Venky, they know bakre mil jaayenge.
    Yaha sirf builder ko ek call karni hoti hai brokers ko, and the news is in the market. We call their offices to enquire about the payment plan and everything.
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  • The financial health of Jaypee group is really in bad shape!!!!

    Unless they sell some of their assets, it is downhill all the way.

    If you look at the stock market, Nifty (due to the ample liquidity available globally/sentiment and very little on fundamentals as of NOW) is hitting the roof and our Jaypee stocks are movie the other way!!!!

    Hope they don't go KFA and Unitech way!!!!
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  • I agree Neena Ji, builder is not in a position to pay dues of contractors like L & T, so situation is worrisome. I hope they manage to sell off power projects by the end of this year to Reliance as planned. Their current cash flow ( 60 k Cr debt ) wont let them execute projects speedily which in turn makes JP incapable of raising demands further hurting cash flow. No wonder the construction quality has also suffered in case of even GC projects like Pavillion. Delayed possession and mediocre quality will ultimately hurt future sales. JP really needs to sort out this mess in next 6 months as situation can get critical for them else. One hope I see is of revived economic growth which may lift JP plus their huge land bank which is a cash cow and will be more valuable in a 'Modi'fied economy.

    JP wont go the KF way is my gut feel, they have too much real assets unlike KF. And, after 2017 UP government will be much more friendly to JP and corporates in Noida belt than Cycle Chaap crap government ! Venky brother is doing a great job of maintaining pressure on JP for delivery in interim.
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