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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  • If Jaypee seriously work on shaping up towers near completion, they could manage very well within the funds they are getting from bookings and later they will be getting from increased super area (surely it will come seeing they are doing right now).. it is quiet strange as why the focus is not moving on delivery realisation..
    Evenn the deamnd will rise, once people will see Jaypee is delivering...that surely shall again improve future bookings, as well as prices on Jaypee side
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  • Originally Posted by dragoman
    What abt the massive land bank they have .. I believe worth 150k crore ? Wont dat help .. in a crux wld they survive .. ?

    Sent from my GT-I8552 using Indian Real Estate Forum mobile app

    More like 50000 crores minus cost of construction in NOIDA.

    Rest of land not good location. For distant future use
    Originally Posted by Quest2012
    If Jaypee seriously work on shaping up towers near completion, they could manage very well within the funds they are getting from bookings and later they will be getting from increased super area (surely it will come seeing they are doing right now).. it is quiet strange as why the focus is not moving on delivery realisation..
    Evenn the deamnd will rise, once people will see Jaypee is delivering...that surely shall again improve future bookings, as well as prices on Jaypee side

    That is the problem. They are stupid.

    They are also not paying contractors. So work keeps stopping.

    No money.
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  • Originally Posted by iwonderwhen
    Incredible is the word, well done.


    Guys today is the 7th. Jaypee was supposed to revert with correct possession dates today. Has anyone heard from them?
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  • Originally Posted by Poddarvaib
    Guys today is the 7th. Jaypee was supposed to revert with correct possession dates today. Has anyone heard from them?


    I don't think jaypee will provide that. In the past they have provided many times and did not stick that timeline. Buyers of each project should get united and execute the project completion doing tie-up w/ contractor and jaypee. Imo it is the quickest way to get our home.
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  • Follow up communication to JP regarding communicating possession dates to buyers of Wishtown and Aman:
    ----------------------
    Dear Sachin & Sameer,

    During 30th August meeting we signed the MoM stating that “within one week (7th September 2014), written communication will be sent to the buyers of Jaypee Wishtown & Aman for individual possession dates, which will be realistic”.
    Today is 8th September and buyers of all the project is still waiting for the communication. Please let us know the reason for non communication within agreed timeline and plan for communication.
    Enclosures:
    Scanned copy of signed MoM
    TOI coverage stating the agreed timeline for communication
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  • Lets all flood there Email boxes with our mails ... ! and ask this same question .. once they will get 1000 mails they only they will wake up.

    We need to keep the pressure on them !

    Dragoman
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  • Instead of asking when construction is going to finish, its better to ask where did the construction money go?. If contractors are paid and there is money to finish than construction would have finished already.

    Its not in JP's interest to delay construction as inflation increases construction cost so obviously the money meant for construction has been diverted to someplace else. If your a person who has booked a flat with JP than you deserve a right to know

    WHERE HAS THE CONSTRUCTION MONEY GONE?

    If you delay construction so much than the money left isn't enough to finish construction of the flat because of low booking price, diversion of profit and inflation in construction costs.

    Courts have been involved in doing a forensic audit with Sahara,PACL,Sharda. Jaypee isnt any different if they ran off with the money meant for construction of its customer's flats. Court could possibly order Jaypee to deposit construction money in escrow and seal it off from rest of the company.
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  • I believe another addition to the above list is their new corporate office.....
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  • Originally Posted by t_yash
    I believe another addition to the above list is their new corporate office.....



    Have they shifted there...or are they keen not to give their own selves possession of their own office!!!!
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  • You have hit the nail on head, this is the precise reason I believe Jaypee is in such a poor state and will continue to suffer. Those who use social media actively, just check out the profile of Jaypee management team, its poor to say the least. Even much smaller companies have a better management team than Jaypee's. In Jaypee you can get the best of units in any plan if you just bribe the management. That does not inspire any confidence in management team. A set of corrupt jokers is managing a company with 66,000 Crore debt! Even if these guys give you a false date of completion, its of no value.
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  • If tomorrow JP defaults on it's loan than will bank seize your under construction flats?
    There might be clause in BBA which would allow JP to give your flat to create a charge or give as collateral to bank for it's loans. Just like it happened with Hirandani(HIRCO), which then defaulted and bank seized the propety and is auctioning it out. Guess what the flatbuyers got?
    Its very important to ringfence wishtown from rest of JP and it can only be done by involving courts.
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  • Originally Posted by boomer
    If tomorrow JP defaults on it's loan than will bank seize your under construction flats?
    There might be clause in BBA which would allow JP to give your flat to create a charge or give as collateral to bank for it's loans. Just like it happened with Hirandani(HIRCO), which then defaulted and bank seized the propety and is auctioning it out. Guess what the flatbuyers got?
    Its very important to ringfence wishtown from rest of JP and it can only be done by involving courts.


    Is the situation so bad ?? Seniors pls advise ..

    Sent from my GT-I8552 using Indian Real Estate Forum mobile app
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  • Originally Posted by krafty
    Have they shifted there...or are they keen not to give their own selves possession of their own office!!!!


    I went to the site sometime back .. I was told they have partially started working from there ..

    Sent from my GT-I8552 using Indian Real Estate Forum mobile app
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  • Originally Posted by boomer
    If tomorrow JP defaults on it's loan than will bank seize your under construction flats?
    There might be clause in BBA which would allow JP to give your flat to create a charge or give as collateral to bank for it's loans. Just like it happened with Hirandani(HIRCO), which then defaulted and bank seized the propety and is auctioning it out. Guess what the flatbuyers got?
    Its very important to ringfence wishtown from rest of JP and it can only be done by involving courts.

    Originally Posted by dragoman
    Is the situation so bad ?? Seniors pls advise ..

    Sent from my GT-I8552 using Indian Real Estate Forum mobile app

    Some people foresaw this situation 1 year back in this thread -
    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/61270-will-jaypees-future-be-like-kingfishers-gitanjalis-and-deccans?t=62677

    your question is also answered by many guys in this thread.
    But then most of the guys who were predicting dire situation for Jaypee were kind of not so bullish on RE, so they were thrashed left and right by JP lovers and RE bulls.

    My take is that - JP is trying its best to save its RE business by selling all its jewels. So you can be sure that JP will not reach the situation of bank default.
    But the most important point is that right now JP's most important focus is in collecting cash by any means, customer satisfaction will not be their immediate property.

    Expect delays but your property is safe. The value of land they hold is really good but they cannot just monetise it due to bad market conditions.
    We had been saying 1 year back and current investors might not like it, but sooner or later a fire sale is coming from Jaypee. I wont be surprised if its already happening in closed circles. for next 3-4 years, I cannot forsee any investment here beating the FD returns.
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