1. Excavation for kba and orchards started together. Progress is to be seen . Kba has given fastest construction in wish town
2. Ahluwalia, comp, and bl goyal are the 3 contractors for this project. Ahluwalia has the highest number of towers. About 11 out of the 22. Comp has towers 15-18 and the rest with goyal.
3. Jaypee has not given any orders to slow down the work at least in kba right now. Contractors have overachieved the construction target. This guy was even expecting his performance bonus to come shortly
4. Some towers have started plaster work and door frames, shuttering job etc
5. Possession will be given in 1.5 years from today
I then went to the site office to meet a direct sales representative. Luckily I found a friend working for jaypee and asked for his PoV. His views were:
1. No property in noida and g noida like wt when completed but there is a huge 'when' attached
2. Would not invest his own money in jaypee.
3. Company has debt problem but is trying to reduce it. Salary comes every month unlike unitech but is coming later than usual
4. Company did well in jaiprakash gaur days but the third generation comprises of many cousin sisters and brothers. Everyone wants decision making power and this leads to conflicts within the management. No unity in Management
5. Construction is slow as jaypee gives headaches to contractors in giving payment. Some contractors have struggled to take payments of as low as 1 crore from jaypee for 1-2 years
6. L and t is out of kube coz of payment issues and is only working on few towers in orchards
All in all he advised me not to invest here coz of the risk
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