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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  • Originally Posted by dineshsays
    Reading earlier Credit Suisse mentioned thay had gone through 7000 transactions/documents to establish companies debt, including Jaypee of 75k Cr - which by now would have reduced substancially on asset sales which were recognised - you claim to be an expert - who says Credit Suisse somehow made a mistake of the tune of 55 thousand crores or thereabouts.

    The amount of research you must have done boggles the mind.


    dineshsays sir, I know what kind of people wrote that report and what the quality of their analytical skills is. It is not the amount of the time spent that is important but the quality of the person spending the time. By the way , from your posts, I am sure you have spent more time doing "research" on JP than all of the house of debt analysts combined. That doesn't mean you get to be recognized as an expert on their finances, since you are ( or at least were) not familiar with some concepts that experts will consider quite basic before I explained them on this forum.

    And I am not saying the report is necessarily wrong about debt numbers, but that there are other liabilities that are not classified as debt which also need to be considered.
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  • Originally Posted by Bharatiya
    And State Govt will have the say in it. Because as per state authority, the buyer is the registered owner of the property not some Bank which lent money to builder for project.

    When property gets to stage of registration with State authority. The Title owner is the sole owner of property. Who lent money to what builder project on which terms, everything is irrelevant at this stage.

    There is no way by which Banks will ever be able to seize Private property which builders have already sold. If banks foolish are enough. They can try in courts and years of litigation. But nothing will come out of it. Best time for Banks to act was when Builder was allotting properties to buyers without clearing dues to creditor banks. Banks didn't say anything that time. Now they can't do anything.

    Arey sir, how many properties in India have multiple registries. In case of disputes, the registrar will be asked for information but it is the courts that will make the decision. Please don't mock the judicial process in our country by arrogating even judicial powers to NA.

    Just because builder was able to convey property on lien to someone else doesn't mean banks lose their right to judicial remedy. Not all banks in India are behemoths like SBI and they can't track every operational activity of the builder. I am not saying JP customers don't have rights as well, but this is a complex legal matter to be decided by the courts, not by some babu in Noida authority.
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  • Real Estate Regulatory Act Bill Passed !!!
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  • Does it help existing buyers or only the new ones
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  • 1) The provisions of the Bill will be applicable on both the existing projects as well as projects in which sales are in progress.

    2) The promoters will be subject to imprisonment for up to 3 years and real estate agents for up to one year or monetary penalties or both in case they fail to adhere to the orders of appellate tribunals.

    3) It requires real estate developers to deposit 70 per cent of the project cost in a separate account for timely completion of the project.

    4) The developer will be liable to pay interest at the same rate in case of delay in possession as it is charging from the buyer in case of delayed payment.

    5) A provision for insurance of the land tittle has to be made for avoiding loss for both buyers and developers in case of dispute in land title.

    6) Buyers will have to take the possession of the house in two months after they receive the occupancy certificate to avoid delay in registration. A delay in registration hurts revenues of the state in the form of stamp duties and other charges.

    7) Developers can't sell property on the basis of super area (flat area plus common area). They will have to clearly define the carpet area that includes space like kitchen and toilets. The parking will have to be sold separately.

    8 Formation of allottees associations has been made mandatory within three months of allotment of majority of units in a project so buyers get to manage facilities like common hall, club house, and reading room.

    9) A real estate regulatory authority has to be set up in states/union territories to regulate property transactions. It is applicable both for commercial and residential real estate projects. Projects of 500 square metres area or 8 flats will have to be registered with the regulatory authority. The regulatory authority will be allowed to grade projects along with the promoters to enable consumers to make a more informed decision.

    10) Apart from the regulatory bodies at state level, buyer will have access to 644 consumer courts at district level for quick redressal. Appellate tribunals will have to adjudicate cases in 60 days and regulatory authorities have to dispose of complaints in 60 days.
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  • Big cheer for homebuyers! Rajya Sabha passes Real Estate Bill


    NEW DELHI: The Rajya Sabha on Thursday passed a bill to regulate the real estate sector, protect home buyers and curb undeclared "black money" in property markets that costs billions of dollars in lost taxable income. 

    During recent years sluggish economic growth and delays in getting approvals stalled several real estate projects, leaving buyers waiting for their homes and developers holding high debt.

    The new law is expected to benefit developers such as DLF Ltd, Oberoi Realty, Sobha Ltd and Godrej Properties. It is also likely to help PM Narendra Modi achieve his election promise of providing housing for all by 2022. 
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  • Any idea how this will affect JP ? JP does not have the cash to put into separate project-specific/escrow accounts or to pay interest at 18% instead of 1%. Will this just accelerate JP' bankruptcy ?
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  • Why asking people here...Your are the expert ...you are the in-charge...you have the assumptions ...you should have the idea... Speak out your negativity... We won't mind...
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  • I am not an expert in most things and don't have any shame in admitting that. I have absolutely no idea about how RE bill is proposed to be implemented for existing projects and don't have the time to read the bill.
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  • kp1plotbuy; how can all these be applied to existing projects. Also by including such some projects in the RE bill, the regulator will be swamped with cases, just like our courts.

    I will it is all a hogwash
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  • Jollygood Sir, You can go through the following link where I took the extract, I am seriously not an expert and a normal investor / homebuyer and as per someone I am restricted to see only how JP waters Wishtown and Golf course... I am sure you guys would be able to analyze and give valuable input on the bill... One thing is for sure...the homebuyers sentiments and RE is going to pick & improve with this...

    http://m.ndtv.com/profit/how-home-buyers-will-benefit-from-real-estate-bill-10-facts-1253301
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  • Originally Posted by pkgandhi
    Any idea how this will affect JP ? JP does not have the cash to put into separate project-specific/escrow accounts or to pay interest at 18% instead of 1%. Will this just accelerate JP' bankruptcy ?


    Eskrow account rule only applicable on new projects.
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  • I think it will be fun to follow the development on this. Doubt it will be only hogwash - a number of Regulators - SEBI, IRDA have done a pretty great job.

    They have now about a year to implement this - I am sure some formula (in terms of how much needs to be put in the escrow - based on stage of construction) will be worked out (along with how and when can the 70% be used)

    That is the only issue on existing projects - the remaining provisions - they have to put approvals on the website, layout etc and are liable to punitive action in case of delays should all still be applicable seamlessly.

    Courts are hardly inundated with irate customers - so afraid are we on the legal process. I think not more than 20-25 cases may exist from the Noida belt in consumer court even.

    One thing is for certain - we will see a whole lot less new launches. It's just not in the DNA for builders to deliver.

    Also would DDA/NA etc be considered developers - their offerings and deliveries are probably worse than any builder
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  • Originally Posted by kp1plotbuy
    Jollygood Sir, You can go through the following link where I took the extract, I am seriously not an expert and a normal investor / homebuyer and as per someone I am restricted to see only how JP waters Wishtown and Golf course... I am sure you guys would be able to analyze and give valuable input on the bill... One thing is for sure...the homebuyers sentiments and RE is going to pick & improve with this...

    How Home Buyers Will Benefit from Real Estate Bill: 10 Facts - NDTV.com


    Thanks for sharing I was only wondering aloud how they could implement this for projects that are in different stages of completion. Who will ensure that 70% will be deposited in escrow when it is not clear how much is already spent on construction. For part delivered projects the builder paid a delay fine of Rs 5 psf and now to pay * 18%. Will the earlier ones not go to court. Also by including 500 sqft size the regulator will be swamped with cases. What happens if builder just abandons the project.
    Also my post was of a general nature not related to JP at all. So I am not sure why you refer to watering of JP GC.

    Infact if you see my posts they are quote balanced, but some people jump in to defend everything. I am equally concerned with 3C. In end it is buyers like us who are losing so we need a collective front. Just for argument sake even if JP delivers everything and there are multitude of projects within WT belonging to different developers who ensures the common area is maintained and what amount to be charged for it. A luxury apt owner would be ready to shell out 5 psf only for the common area maintenance but a MIG unit may find even RS 2 very steep . I am referring to areas outside the gated walls of each project. Pls do think about it.
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  • Originally Posted by pkgandhi
    Arey sir, how many properties in India have multiple registries. In case of disputes, the registrar will be asked for information but it is the courts that will make the decision. Please don't mock the judicial process in our country by arrogating even judicial powers to NA.

    Just because builder was able to convey property on lien to someone else doesn't mean banks lose their right to judicial remedy. Not all banks in India are behemoths like SBI and they can't track every operational activity of the builder. I am not saying JP customers don't have rights as well, but this is a complex legal matter to be decided by the courts, not by some babu in Noida authority.


    Even going by your logic. If banks did have right over land, they should have exercised their right by stopping the registration process of properties.

    So banks acting careless and allowed this mess to be created. This fact will go very much against banks in court. No court can put interest of banks than of above home owners.
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