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- I am sure pkgandhi; can helpCommentQuote1Flag
- Fine with the buyers if anyone cn help, but by the way I wonder how and where from @Pk gandhi got d figure of current liabilities running into what he posted n he conveniently overlooked current assets out of which these r to be paid. I will try to garner correct figures. That apart dineshsays; all senior members please help with my query.CommentQuote0Flag
- Jaypeee huuu.. Wait for some days.. we will have KFA for discussion..CommentQuote1Flag
- Originally Posted by tushar11Dear t_yash;, is the clause pertaining to refund with 12% interest is standard one across all the WISHTOWN projects, if yes cn u please specify clause /para . dineshsays; n other senior members u too must hv information in this respect . When d buyers cn enforce/exercise the option.
When JP doesn't have the money to pay 5.5% interest on legally contracted debt and has to send a notice to stock exchanges that they are defaulting, do you think they will find the money to refund principal even with 0% interest to homebuyers. If you read yash sir's post, they are struggling to pay even 50 lakhs to their contractor. Please use your common sense about how quickly they will give you back your money if you ask for it.CommentQuote0Flag
- Dear pkgandhi;
Considering the current liquidity position of JP group I completely agree that it will take whale lot of time. But I wanted to know in principle existence of such a clause. Searching for some Ray of hope.CommentQuote1Flag
- Yup since Mr Gandhi knows everything there is to know about JP I am sure he knows if such a clause exists.CommentQuote1Flag
- Originally Posted by tushar11Dear pkgandhi;
Considering the current liquidity position of JP group I completely agree that it will take whale lot of time. But I wanted to know in principle existence of such a clause. Searching for some Ray of hope.
Dear Mr tushar11,
If you can't find the clause in your contract, it doesn't exist as far as you are concerned. There are no standardised refund terms and conditions. They depend on the agreement you have signed.
As far as I know, 12% interest is not written in any JP contract. It has been offered ( without the ability to deliver) to KCBA only because they have been proactive and exerted substantial pressure on JP senior management. Some other gentleman had posted that his contract had a clause wherein JP would deduct 10% of the cost of the flat to process a refund, without paying any interest. Given their liquidity situation, it is unlikely they will be able to honor even this, unless the buyer has paid less than 10% of the cost and will effectively have to hand over cash to JP in order to cancel.CommentQuote1Flag
- How many families are actually start living in Jaypee greens projects after possession of more than 4000 flats????????????
Anyone can share experience of living there???????CommentQuote0Flag
- According to JP's website possession is given on 4000 flats ( some members here have claimed possession is given on 6000 flats. They should educate JP's marketing department which doesn't seem to know delivery of how many flats it should be taking credit for). However it also has a prominent disclaimer saying "terms and conditions apply" you can imagine what JP terms and conditions are like :-)CommentQuote0Flag
- At the outset I m sorry for posting project specific(KRESECENT HOMES) query knowing this is not d appropriate thread for this. But I hv found this to b one of d more active thread.
Seniors please throw some light on likely possession, sell /hold scenario for those paying EMI'S, future prospects on delivery n hw KRESECENT HOMES will eventually fare in comparison with ATS N ELDECO across expressway.
- Mr tushar11;,
Unfortunately, I am not sure even an astrologer will dare to answer your questions because of the uncertainty surrounding JP Wishtown. A member has already posted unconfirmed news that JP has been asked to vacate Nirman Sadan and all their unsold inventory is being taken over by lenders. In this situation, it is not clear who will finish some of the projects, forget about when.
JP's financial position is quite precarious. They have defaulted on the majority of their debt, are unable to pay contractors or even interest to banks. The ratio of their debt to market capitalization of equity is over 30:1 and even after the most aggressive projection of asset sales will be over 15:1. In this situation, it is not even clear how long JP group will be around for in its present form. Any comparison of JP projects far from delivery to well settled societies is premature and can only be wildly speculate.
Mr dineshsays and some other members have in the past made many predictions about prices and dates of completion, so I am sure they could oblige again. You can evaluate them based on past track record of their predictions and other factors you consider relevant, but I think most members will not be so brave as to give specific answers to your questions.CommentQuote1Flag
- Full page Ad in papers may be coming in a few days. Following was the sample. Was chatting with someone in marketing today. He mentioned deliveries overall by end of year will reach close to double figures (in thousands)
Apparently Nirman Sadan sold to Axis Bank between 12-1400 crore. Should be in news as per him.
- If 1200 crore is true, it would be a 60% discount to where JP was trying to sell it. That is a massively distressed level. Will this transaction lead to a markdown of all property in the vicinity ?CommentQuote0Flag
- Yaya fully distressed at over 12-13k psf
Haha - a seventh of the company debt wiped out in ONE building.CommentQuote1Flag