What do you guys think about Jaypee Greens Wishtown - NOIDA? Is this a good time to buy? Is Wishtown a good investment?

Cheers! :)
Read more
Reply
7997 Replies
Sort by :Filter by :
  • Well... thanks But I realise that I may have sounded insensitive about other people's pain. So sorry for any hurt feelings. Actually two of my very best friends - both middle-aged women - have booked units in JP as well as Unitech. Can you imagine? I feel absolutely terrible for them because they are end-users and just CANNOT afford to lose out on these. One of them is paying rent in Delhi and shelling out heavy EMIs for something she will probably never get (Unitech). And she paid up front the whole money. It's true what some people say in these forums about brochure-baazi. My friend totally fell for the glitzy computerised visuals of her "dream" home. I recall telling her at the time, " hey just buy a RTM house as you have the cash ready". But she didn't. However, I do believe that JP will eventually come through - albeit late. It's just too big to default on and more importantly, it deals with real people - not machines. One thing is for sure, after this sorry mess is cleared up, the RE scenario in India will change - for the better. Inshah Allah!
    CommentQuote
  • Originally Posted by Raojee
    Well... thanks But I realise that I may have sounded insensitive about other people's pain. So sorry for any hurt feelings. Actually two of my very best friends - both middle-aged women - have booked units in JP as well as Unitech. Can you imagine? I feel absolutely terrible for them because they are end-users and just CANNOT afford to lose out on these. One of them is paying rent in Delhi and shelling out heavy EMIs for something she will probably never get (Unitech). And she paid up front the whole money. It's true what some people say in these forums about brochure-baazi. My friend totally fell for the glitzy computerised visuals of her "dream" home. I recall telling her at the time, " hey just buy a RTM house as you have the cash ready". But she didn't. However, I do believe that JP will eventually come through - albeit late. It's just too big to default on and more importantly, it deals with real people - not machines. One thing is for sure, after this sorry mess is cleared up, the RE scenario in India will change - for the better. Inshah Allah!


    YES
    RE scenario in India will change!
    Ye kurbaniyan bekar nahin jayengi,
    we paid enough to create this history for next generation!
    CommentQuote
  • Jaypee buyers unite to take on builder, plans protest rally on June 11


    They want the builder to give timelines for the delivery of its 25 different projects at Wish Town in Sector 128


    NOIDA: Following a national consumer court order to Jaypee to pay 12% penalty to buyers for a delay in delivering flats in its Kalypso project in Noida, buyers in various other projects being developed by the company have come together to announce a protest rally on June 11. They want the builder to give timelines for the delivery of its 25 different projects at Wish Town in Sector 128.

    "We have been meeting the builders from time to time. Last time we met them on April 30, they told us they would inform us about how they are going to garner funds needed for completing the projects," said Prabhjot Singh Kalra, president of Krescent Homes buyers' association. "They had told us they would let us know by May. We are still waiting. If we do not get a proper response, we will scale up this protest."

    Nrip Mehta, a homebuyer who is leading the protest group, said, "We are trying to unify the voices because delays of close to seven years are not acceptable. We need honest communication from the builder along with proper compensation for delays," he said.

    Manoj Gaur, president of real estate body Credai's NCR chapter, said, "The builders are now in a fix because most of them do not have funds to complete existing projects. Jaypee's project are huge and delays have been gone beyod seven years. However, the consumer courts and the Noida Authority should factor in the delays caused in these projects because of the status quo imposed on construction in Noida during the Okhla Bird Sanctuary litigation."

    In an emailed response on the issues of delayed possession, a Jaypee spokesperson stated, "As is known, there are delays in handover of apartments. Jaypee Group has issued possession letter to approximately 5,000 units in Wish Town, Noida. The company is making full throttle efforts despite a downturn in the economy to meet all its obligations, including completing all balance units."








    Jaypee buyers unite to take on builder, plans protest rally on June 11 | ET RealEstate
    CommentQuote
  • This is my recommendation. I have seen these protests against JP. I think these are useless. Even if you take your protest to JP Hospital or JP expressway, that won't produce any result.

    Venting anger through protests won't get you your home. Though media attention does put pressure on JP. But again, it won't get you your home. JP's finances are very bad and no way it can finish WT. Massive delays are the obvious results.

    JP buyers need to build a common WT association. Gather as much buyers of all delayed projects in WT and file a petition in SC. I think 1000s of buyers are at stake and many are senior citizens. SC will provide priority hearing. Everybody knows about JP's finances. Ask SC to appoint an arbitrar to evaluate all liquid assets of JP for Disposal. That means cash (if there is any), unencumbered land (in and around WT and expressway), whole Expressway itself. What needs to be done is liquidation of JPs assets and that money should be used for completion of all delayed projects in WT. And this should be done under supervision of Arbitrar appointed by SC.

    India's Bankruptcy law is also ready. I haven't read the bill. But JP needs to be asset stripped and reorganized using appropriate provisions. That's the only solution for WT.

    Otherwise, if you think 5 years delay is too much? Those towers may well delayed for 10 years - 15 years - indefinitely. Only hope is through SC and buyers should take that chance. Don't believe in deadlines given by Builder. Tareek pe Tareek. Tareek pe Tareek. This won't solve anything.

    Big challenge would be organizing and gathering buyers of delayed projects in WT. But Even if you could make association of 1000 home buyers, you have a good chance in SC. There is no other hope.
    CommentQuote
  • Do you realize how impotent and impractical your suggestions sound?

    Protests act as catalyst in speeding up justice in India.
    A protest covered by media gets attention of good lawyers who become willing to accept the case. Politicians take notice, social media simmers...Judges become aware.

    A case can go over for years....and no one wants to wait another 10 years for justice or a home.

    Jaypee protesters have got everything going for them. If this protest goes well, this would change the entire landscape of RE.



    Originally Posted by Bharatiya
    This is my recommendation. I have seen these protests against JP. I think these are useless. Even if you take your protest to JP Hospital or JP expressway, that won't produce any result.

    Venting anger through protests won't get you your home. Though media attention does put pressure on JP. But again, it won't get you your home. JP's finances are very bad and no way it can finish WT. Massive delays are the obvious results.

    JP buyers need to build a common WT association. Gather as much buyers of all delayed projects in WT and file a petition in SC. I think 1000s of buyers are at stake and many are senior citizens. SC will provide priority hearing. Everybody knows about JP's finances. Ask SC to appoint an arbitrar to evaluate all liquid assets of JP for Disposal. That means cash (if there is any), unencumbered land (in and around WT and expressway), whole Expressway itself. What needs to be done is liquidation of JPs assets and that money should be used for completion of all delayed projects in WT. And this should be done under supervision of Arbitrar appointed by SC.

    India's Bankruptcy law is also ready. I haven't read the bill. But JP needs to be asset stripped and reorganized using appropriate provisions. That's the only solution for WT.

    Otherwise, if you think 5 years delay is too much? Those towers may well delayed for 10 years - 15 years - indefinitely. Only hope is through SC and buyers should take that chance. Don't believe in deadlines given by Builder. Tareek pe Tareek. Tareek pe Tareek. This won't solve anything.

    Big challenge would be organizing and gathering buyers of delayed projects in WT. But Even if you could make association of 1000 home buyers, you have a good chance in SC. There is no other hope.
    CommentQuote
  • Jao Bhai kar lo Protest. Jab Builder ke paas paisa hi nahin hai toh milega kya? Babaji ka thullu.

    All the money is gone. Where? Only god knows. But bottomline is Builder has no cash. JP does have assets. Go for the liquidation of assets. Govt won't do it, that's why i said SC.
    CommentQuote
  • courts ki kya jaroorat hoti agar protest karne se hi sab kuch mil jata??

    "media attention", "dharna", "blocking expressway" all this is nonsense. When Jaypee Group will get stripped, home buyers will be the last to get anything.

    by the way, Jaypee people are now openly saying that they have stopped further construction in all projects as they don't have any more money.
    CommentQuote
  • Our Judiciary will give first preference to home buyers. Home buyers are legally ENTITLED for their home.

    Regarding JP shareholders and creditors - "Investments are subject to market risks. Read scheme related documents before investing"

    In case of liquidation of JP Assets.

    1st preference - Home buyers, 2nd - Creditor Banks, 3rd - Stock holders (excluding owners and managers), Last preference - JP Owners.

    In case of liquidation, i think people and entities in 1st and 2nd preference will get their money/houses. Forget about the others.
    CommentQuote
  • To all respected members of this group, how feasible is the idea of :


    - Individual JP projects being spun off as SPV owned by actual registered owners
    - These owners estimate the amount required to complete existing projects and chip in for final completion. ( rough estimate : price escalation of 30-35 % for finishing the remainder )
    - Since JP does not have resources to complete the projects, they have no say in SPVs.
    - Maintenance owned by SPVs / RWA ( albeit I have seen differing opinions on RWA owned maintenance )


    I do reckon pitfalls to this approach, namely :
    - Will JP & Banks allow this ?
    - Price escalation for buyer and their ability to finance the additional burden.
    - Legality : Property lease agreements with NOIDA civic authorities, OC, registry.
    - Collective will / ability on part of buyers to form the SPV and deliver.
    - Accountability: how to make JP account for the money already paid by the buyers ?


    Is this transfer of ownership from builder to owner-SPV legally allowed and feasible ?
    Has there been a precedence anywhere in India of this being legally allowed and projects actually delivered by resident-owned-SPVs?


    thanks
    CommentQuote
  • I don't think 30-35% will be enough. Super Structures cost 30% of Building, everything else is 70%. Many towers are only built to Super structures. They require significant cost for completion.

    Even other wise,many buyers have absolutely no interest in spending more. They have already paid 95% of cost while project is delayed 4-5 years or even more, why would they pay 30% more?
    CommentQuote
  • Originally Posted by Bharatiya
    This is my recommendation. I have seen these protests against JP. I think these are useless. Even if you take your protest to JP Hospital or JP expressway, that won't produce any result.

    Venting anger through protests won't get you your home. Though media attention does put pressure on JP. But again, it won't get you your home. JP's finances are very bad and no way it can finish WT. Massive delays are the obvious results.

    JP buyers need to build a common WT association. Gather as much buyers of all delayed projects in WT and file a petition in SC. I think 1000s of buyers are at stake and many are senior citizens. SC will provide priority hearing. Everybody knows about JP's finances. Ask SC to appoint an arbitrar to evaluate all liquid assets of JP for Disposal. That means cash (if there is any), unencumbered land (in and around WT and expressway), whole Expressway itself. What needs to be done is liquidation of JPs assets and that money should be used for completion of all delayed projects in WT. And this should be done under supervision of Arbitrar appointed by SC.

    India's Bankruptcy law is also ready. I haven't read the bill. But JP needs to be asset stripped and reorganized using appropriate provisions. That's the only solution for WT.

    Otherwise, if you think 5 years delay is too much? Those towers may well delayed for 10 years - 15 years - indefinitely. Only hope is through SC and buyers should take that chance. Don't believe in deadlines given by Builder. Tareek pe Tareek. Tareek pe Tareek. This won't solve anything.

    Big challenge would be organizing and gathering buyers of delayed projects in WT. But Even if you could make association of 1000 home buyers, you have a good chance in SC. There is no other hope.

    Mr Bharatiya,

    JP lenders are way smarter than the customers who, with close to zero knowledge of accounting, finance, the legal framework or how business is done, are playing a game of " CEO, CEO" and making grand but absurd estimates and predictions about JP's "assets". In the meantime, the smart lenders have already stripped the company of its prime assets and you can be sure that by the time gullible customers, who think JP is doing them a huge favor by going through this "biggest deleveraging in the history of corporate India bar none ", realize what is going on and approach the courts, the horses would already have bolted from the stables and the proceeds from the sale of JP's assets would be sitting in the bank accounts of their lenders.
    CommentQuote
  • Originally Posted by dineshsays
    So - I was going back a few years when I had made some predictions on delivery and handover of various WT - projects - I think I did this over 2 years back.

    I think on an average I was off by a year or year and a half or even two years in some cases :( - and considering it has only been 2 years since I made this estimate, it was quite a bit off.

    At that time I thought I had put in enough buffer - but Jaypee really is a slowpoke. In particular, I think 2013-2014 - they went back to their old ways and came to a crawl. And only now they are starting some push. If they continue this stop start approach - I am afraid one cannot make any accurate prediction whatsoever

    Anyhow, although credibility would have been lost, I am putting some fresh numbers to see if I can get it right second time round:

    1. Kalypso - END 2014 - MID 2016
    2. Imperial - END 2014 - MID 2016
    3. PC - LATE 2014 - END 2015 - though only 2-3 towers of PC are left
    4. PH - END 2014 - MID 2016
    5. GC Plots - POSSESSION ALREADY GIVEN last year. Must complete in 3 years or face fine. END 2016 (Even assuming 2 additional beyond 'fine' years) - END 2017 - appears fines haven't kicked in yet
    7. Kalisto - MID 2014 - END 2014 - AFAIK
    8. Boomerang Club - END 2014 - MID 2016 - structure has been ready for ages - but there is no focus to complete
    9. Boomerang Residency - END 2016 - - END 2018
    10. Kristal - END 2017 - MID 2019
    11. Kasablanca - END 2017 - MID 2019
    12. Augusta - MID 2014 - EARLY 2015
    13. Knight Court - END 2015 - END 2016
    14. Kube - END 2016 - END 2018 - probably the most disappointing of all
    15. Orchards - END 2016 - MID 2018 - probably the second most disappointing of all
    16. Hospital - END 2013 - 3rd Quarter 2014
    17. KP 2 Plots - Possession/registry in progress. Need to complete in 3 years time or face fine. END 2017 (Even assuming 2 additional beyond 'fine' years) - MID 2018 - all depends on fines
    18. KB - END 2015 EARLY 2017
    19. Kingswood Oriental - END 2014 EARLY 2016
    20. KP 1 Plots- Possession/registry in progress. Need to complete in 3 years time or face fine. END 2017 (Even assuming 2 additional beyond 'fine' years) - MID 2018 - all depends on fines
    21. Kensington Heights and KPA - END 2014 END 2016 - they really slowed down here
    22. Garden Isles - MID 2016 END 2018 - big disappointment so far
    23. Klassic (Main - 70% of all Klassic) - MID 2014 END 2015
    24. Klassic Shaurya - END 2015 END 2016
    25. Klassic ONGC - END 2015 END 2016
    26. Kosmos (main - 90% of all Kosmos) - MID 2014 MID 2016
    27. Kosmos (later towers - only 5-6) - END 2015 END 2016
    28. Krescent Court - MID 2016 END 2018 - KC has been thoroughly disappointing so far - one of the poorest managed projects of WT. Still there are towers at 2-3 floors
    29. Kasa Isles - END 2015 END 2016 - I would say despite the delays, Kasa has been one of WT's poster boys - really superb execution
    30. 25 Acres yet unlaunched residential - Say will be launched by 2014 and will take 6 years after that END 2020 I think I underestimated this - there is probably a 100 acres unlaunched - will be completely launched by 2018 not earlier and will be completed by 2025. There has been a pretty massive housing slowdown, besides sentiments taking a knock on account of slow delivery. Since I wrote and JP has managed just a handful of new launches
    31. 25 Acres yet unluanched commercial - Say will be launched by 2014 and will take 6 years after that END 2020 - Same story as unlaunched commerical
    32. Jaypee Public School - Operational
    33. Jaypee IIT - Operational

    I am just a NRI who hasnt visited NOIDA in ages. Can someone who has done a scientific study enlighten me on the performance of these well-researched prediction by someone who seems to be intimately familiar with the ground realities of JP Wishtown?
    CommentQuote
  • Well all the facts and predictions are in front of everyone .Quoting some of the revised predictions

    Klassic - 2015, Kosmos (90%) Imperial Noida, Boomerang Club Mid - 2016, Kasa Isles - 2016, Kensington Heights, KPA - 2016

    The grounds reality is in front of everyone.

    JP Wishtown is the biggest fraud in Noida Real Estate.
    CommentQuote
  • Originally Posted by rituraja
    Well all the facts and predictions are in front of everyone .Quoting some of the revised predictions

    Klassic - 2015, Kosmos (90%) Imperial Noida, Boomerang Club Mid - 2016, Kasa Isles - 2016, Kensington Heights, KPA - 2016

    The grounds reality is in front of everyone.

    JP Wishtown is the biggest fraud in Noida Real Estate.



    What project you invested in?
    CommentQuote
  • dineshsays;, what is the situation on the ground in WT in terms of occupancy?? How many flats are occupied in Kalypso, PC, PH vis a vis the number of flats offered for possession?? Are people moving in regularly?? Has possession for IC been offered??

    Sorry, for so many questions.
    CommentQuote