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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  • Just saw the recent exchange. Gents I am out for lunch. Eve I can come but I suggest you folks go ahead else it will never happen
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  • In the new master plan I see new town homes have been injected in front of heights 3 . this as far as I remember was a club earlier and by the color coding these look Augusta style height
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  • Originally Posted by Poddarvaib
    I will come in the morning as the evening get together seems to be moving towards cancellation. Please advise where you guys are meeting for lunch and i will join. I am a member at club 26, Sector 26. if you guys want we can meet there so else at any other restaurant in the vicinity.


    Dear Poddar, It was nice meeting you. Really appreciate that you took time out from your schedule and come down to meet us with such a short notice.
    At the same time really sorry that we were not able to speak to you in detail as had to go for a meeting with Shri JP Gaur.
    Lunch n beer on me mate.. next time for sure....

    MoM will follow shortly...
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  • Originally Posted by t_yash
    Dear Poddar, It was nice meeting you. Really appreciate that you took time out from your schedule and come down to meet us with such a short notice.
    At the same time really sorry that we were not able to speak to you in detail as had to go for a meeting with Shri JP Gaur.
    Lunch n beer on me mate.. next time for sure....

    MoM will follow shortly...

    great you guys met - look forward to the MoM
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  • Originally Posted by t_yash
    Dear Poddar, It was nice meeting you. Really appreciate that you took time out from your schedule and come down to meet us with such a short notice.
    At the same time really sorry that we were not able to speak to you in detail as had to go for a meeting with Shri JP Gaur.
    Lunch n beer on me mate.. next time for sure....

    MoM will follow shortly...


    Dear Yash,

    Thank you for your e mail. My office is close by. Its easy for me come and its nice to have a face to our iref exchanges.
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  • Dear Mr. Ajit Kumar,
    Please find below Minutes of our meeting on 21st March 2015 at Jaypee WishTown, Noida.


    Meeting of 21st March 2015 at Jaypee’s office in Sector 128, Noida

    Meeting was attended by KCBA (Knight’s Court Buyers Association) representatives and Jaiprakash Associates Limited’s (Jaypee) senior management including Mr. Sachin Gaur, Mr. Ajit Kumar, Mr. R.K. Anand.

    Later, on the same day, five of the KCBA representatives met with Mr. Jaiprakash Gaur (Founder and Chairman of JP Group) and Mr Ajit Kumar.

    1. Quality at Knights Court project: KCBA representatives reiterated again that the workmanship and specification of the construction and the finishing items used at Knights Court (including the sample apartment) are of poorer, pathetic and unacceptable standards – as they do not meet the committed specifications, the marketing brochure and the promises of JP of delivering ultra luxurious apartments.



    Significant emails and meeting notes have been exchanged with JP providing details on the shortfalls, the defaults, etc. – and KCBA highlighted that JP, including Mr. Sachin Gaur, failed to resolve quality issues at Knights Court .



    Further to the above, design issues related to the kitchen and toilets have also been of concern. JP assured that they have a committed team of design and quality experts and that JP will adhere to its commitments as per the specifications and marketing brochures.



    KCBA will be meeting JP’s design and quality team (headed by a Mr. Jain) to understand the concerns. JP’s senior team to arrange meeting date and time options, so that the same can be held on or before 11th April 2015.



    2. Construction Schedule & Huge Delays: All are aware and accept that the monthly monitoring of construction schedules versus construction plans shows that JP has been defaulting in achieving its own commitments continuously. This has frustrated the sustainability of KCBA as they are currently incurring high costs towards EMIs and rentals.

    For the construction achievements of February and subsequent plans, JP once again delayed sharing the document – which was again found to be disappointing as it clearly highlights minimal construction progress at the site. Further, the labour force at project site is deficient which is a clear indication of JP not putting its project execution plans in place to give possession of the KnightsCourt project.

    It is surprising how JP continues to default and delay the project completion, while on a parallel basis, JP has commissioned and made operational it’s other commercial ventures, like hospitals, schools, colleges, etc. possibly through the funds of those who bought flats in WishTown (like Buyers of knights Court Apartments).



    Jaypee has already defaulted in handing over possession of the apartments, which was 36 months from the date of allotment (Provisional Allotment Letter as we gather). Then, Jaypee submitted a revised assurance of handing possession by July 2015, which was later revised to November 2015.


    Now, during meeting, Mr. Sachin Gaur admitted to another default and he and Mr. Ajit Kumar stated that the revised date for possession is March 2016!! (again not sure but as per their gut-feeling) This is considered as another hammer in the coffin of Knights Court Buyers – and this episode of another default has not been appreciated or acknowledged by KCBA.



    Jaypee’s senior team will re-examine possibilities on how to expedite work and deliver apartments by Nov-2015, but not later than Mar-2016 – and on or before 11th April, Jaypee will provide a firm commitment on possession along with detailed month-wise and item-wise project management schedule for each of the eight towers under Knights Court, through required software –which KCBA’s team will closely monitor every month.



    KCBA team reiterated that the Knights Court owners are in deep financial crisis as they are paying rentals, EMIs, loosing on Income Tax rebates, and may need to bear the additional impacts of more service tax and higher registration cost due to increase in circle rates. In a nutshell due to inability of JP to deliver the project, owners are suffering with no reason or fault of theirs.



    3. Documents sought by KCBA and still pending from Jaypee: KCBA representatives, once again requested JP officials to provide the JP authorized copies of the sanction plans (all sanction plans from the date of first sanction plan and till date, if there is any revision), FAR and other artefacts requested earlier but not received any satisfactory response.



    4. Option for KCBA people to seek refund of payments made with interest: Due to huge delays, KCBA asked for the refund of the amount paid for the flat (from the date of provisional allotment letter) with 18% compounded quarterly to which the JP officials declined; and instead agreed to give refund (with no pre-conditions attached) to Knights Court owners 12% interest if anyone would like to surrender the apartment. KCBA finds this much lower than market practice and, generally speaking, not acceptable.



    5. Meeting with Mr. JaiPrakash Gaur (Founder and Chairman, JP Group): Five members of the highly disappointed KCBA members met with Mr. JaiPrakash Gaur to express their serious concerns on the delay and poor quality at Knights Court and how Jaypee intends to make up speed and quality to ensure that the recent commitment made in Sep-2014 of handing physical possession of apartments by November 2015 is honoured with committed quality as per Provisional Allotment Letter and marketing brochures.


    KCBA representatives met Mr. JaiPrakash Gaur at Nirman Sadan office at the Jaypee WishTown.



    When asked for the reason for the substantial delay for the delivery of the project, Mr. Gaur communicated that he hasn’t anticipated the poor economic growth and having pressure to clear bank loans which are more then 60K crore.
    Mr. Gaur accepted the delays and expressed his apologies. He also assured to look into the quality related concerns of the Knights Court members.



    After listening to the Knights Court Buyers Association member’s agony and financial pressures due to Jaypee’s and/or his team’s non performance, Mr. JaiPrakash Gaur gave the following commitments:



    a) Knights Court will now onwards be under the direct control and responsibility of Mr. JaiPrakash Gaur.

    b) He agreed to immediately infuse requisite funds of approx. Rs. 100 crore to completely finish all the apartments at Knights Court along with all amenities n specification. Proof of this as an escrow account for KnightsCourt project solicited by KCBA on or before next scheduled meeting on 11th April 2015.

    c) He will mobilize a new senior management and execution team under Mr. Vikas (including that Mr. Banerjee and Mr. Dutta will be replaced by more efficient project team) – and gave an assurance to complete the project, and hand over possession, in the next 8 months. This inturn implies that Mr. JaiPrakash Gaur assured and promised to hand over possession of all apartments under the eight towers of Knights Court along with all amenities n specification by mid-November 2015.

    d) Mr. JaiPrakash Gaur also confirmed that quality of the Knights Court project will be as committed under the Provisional Allotment Letter and marketing brochures – and better or comparable to Jaypee’s Sun Court project at Greater Noida.

    e) Mr. JaiPrakash Gaur expressed readiness to meet the KCBA members every month. It may please be conveyed to Mr. Gaur that KCBA meets at Jaypee’s office on second Saturday of every month. In this respect, the next meeting between KCBA representatives and Jaypee (wherein Mr. JaiPrakash Gaur presence is necessary) will be 11th April 2015.

    f) Any and each member of the KCBA can meet Mr. JaiPrakash Gaur for any specific and serious concerns.


    A disappointed, frustrated and harassed set of Knights Court Buyers now await to see how Jaypee delivers to the recent commitments and promises.



    Thanks

    KCBA




    Note:
    1. Please share the notes with Shri JP Gaur as he is the Sr. contact person for Knights Court project to discuss ongoing issues and seeking resolutions.
    2. KCBA representatives may meet Mr RK Anand on or before 30th March 2015 to discuss & understand the bare shell option offered for KnightsCourt owners.


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  • ^^ @t_yash, you guys did great job. Congratulations!
    It is kind of embarrassing for such a big group. Financial situation of company is really bad otherwise there would not have been so much delays. But still, it is better that they are listening to grievances unlike some builders who threaten with some Gundas or legal proceedings. I like that you could approach topmost management.

    I have no investment in JP. I wish that company is able to come out of financial situation and deliver quality projects.

    Wish very best of luck to JP Group and its investors!
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  • Yash - awesome - always felt JP Gaur was your ticket. Really hope they infuse required credit

    Kudos to you and the group
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  • Orchard people also met senior Guar and got the assurance to start the work. Is there any meeting of KBA also
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  • Hope that things move as discussed with JPG.. Seems that he is quiet committed except getting dragged by poor execution management (besides funds). Hope for the best...
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  • Sr Gaur might have given a lot of commitments, Will be interesting to see how much he adhers to them and how much will his sons and cousins do. After all, Gaur sahab cannot do everything on his own. Ultimately its manoj gaur running the show.
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  • As per Sri JPG assurance 100 Crore to be infused in JP wishtown as a whole or only Knight Court project ?
    There are approx 280 appartments in knight court can someone assess onground situation and estimate if 100 cr is exaggerated figure to finish the appts ( considering these are structure ready) or a genuine one?
    Simply trying to gauge the genunity of the promise.

    As per another commitment Sri JPG promised to infuse approx 300 cr to Orchards ( or wishtown as whole not clear from MOM)
    Initial contract with L&T ( as per 2 year old info available on IRF) was for around 700-750 cr to complete & finish Orchards.
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  • Folks - Anyone knows if NOIDA Building Bye-Laws / Regulations / UP Apartment Act, permits professional activities (those activities involving services based on professional skills namely Doctor, Lawyer, Architect, Chartered Accountant, Management Consultant) in Apartments with adequate support staff working in the same premises?
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  • Originally Posted by dineshsays
    Yash - awesome - always felt JP Gaur was your ticket. Really hope they infuse required credit

    Kudos to you and the group

    To be honest with you Dinesh, although shri JP Gaur was positive and seems committed to turnaround wishtown and clear mess, however we dont have luxury to just happy on his cheesy talks, we would like to see action on the ground and proofs of the committed deliverable. It was first meeting and we were easy on him but if things not changed by 11th april as committed then unfortunately he will have to face the heat directly...
    Other good actions are happenning in parallel... :-)

    Originally Posted by bhuwan
    As per Sri JPG assurance 100 Crore to be infused in JP wishtown as a whole or only Knight Court project ?
    There are approx 280 appartments in knight court can someone assess onground situation and estimate if 100 cr is exaggerated figure to finish the appts ( considering these are structure ready) or a genuine one?
    Simply trying to gauge the genunity of the promise.

    As per another commitment Sri JPG promised to infuse approx 300 cr to Orchards ( or wishtown as whole not clear from MOM)
    Initial contract with L&T ( as per 2 year old info available on IRF) was for around 700-750 cr to complete & finish Orchards.

    100 Crore to knightscourt only.. these are premium apartment complex and require this funds to finish..
    Orchards team also met him, promised to start construction asap.. lets wait n watch from orchards group..
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  • Originally Posted by bhuwan
    As per Sri JPG assurance 100 Crore to be infused in JP wishtown as a whole or only Knight Court project ?
    There are approx 280 appartments in knight court can someone assess onground situation and estimate if 100 cr is exaggerated figure to finish the appts ( considering these are structure ready) or a genuine one?
    Simply trying to gauge the genunity of the promise.

    As per another commitment Sri JPG promised to infuse approx 300 cr to Orchards ( or wishtown as whole not clear from MOM)
    Initial contract with L&T ( as per 2 year old info available on IRF) was for around 700-750 cr to complete & finish Orchards.


    Sri JPG is father of Sri ManojG

    baap pe beta, ghode pe ghoda
    zyada nahin to thoda thoda


    It's foolish to think that Sri JPG is not aware of the events. If he hasn't done anything yet, it's because either he isn't willing to or not capable of.

    Anyway great job and I did not want to discourage. It's just that stop addressing them as saint. lol Sri JPG , how about Sri Sri JPG?
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