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
    As recievedhttps://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=78315


    what is this ?
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  • Originally Posted by jollygood
    Exactly on expected lines. I had posted earlier that NCRDC gives a favourable judgement and then the builder goes to SC, hires a high profile lawyer and manages a stay and gets time and additional concessions. The buyers are only sufferers.


    Did you read the whole news?

    The stay, however, is subject to the company depositing Rs 4 crore with the court within two weeks.

    SC, however, did not stay two other parts of the NCDRC judgment which said Jaypee cannot charge for car parking and also for increase in super area of an apartment post construction unless they have prior consent of the buyer.
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  • After this judgement/stay,all gates are closed now for buyers. I can not understand the point of View of SC in staying this NCRDC order which is quite justified.

    This order has a very bad cascading effect in real estate.

    Now all builders will resort the same tactics.
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  • Originally Posted by deser7rose
    Did you read the whole news?

    The stay, however, is subject to the company depositing Rs 4 crore with the court within two weeks.

    SC, however, did not stay two other parts of the NCDRC judgment which said Jaypee cannot charge for car parking and also for increase in super area of an apartment post construction unless they have prior consent of the buyer.


    Just don't by the headlines. Depositing 4 cr to get another 6 months is a small price to pay for JP. Works out to Rs 1600 per apt if you consider 25K apts pending. Also does this 4 cr go to the buyers, no it goes to the govt treasury. Where does it leave the buyers who were celebrating after NCRDC judgement. This only emboldens the builders further. No wonder they care two hoots for the buyers.

    Just check how much the 10 buyers might have already spent in their legal battle esp in SC. And nothing to show at the end of it.
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  • Originally Posted by jollygood
    Just don't by the headlines. Depositing 4 cr to get another 6 months is a small price to pay for JP. Works out to Rs 1600 per apt if you consider 25K apts pending. Also does this 4 cr go to the buyers, no it goes to the govt treasury. Where does it leave the buyers who were celebrating after NCRDC judgement. This only emboldens the builders further. No wonder they care two hoots for the buyers.

    Just check how much the 10 buyers might have already spent in their legal battle esp in SC. And nothing to show at the end of it.


    There are 10 complainants. So it's 40 lacs/flat. Add kapil sibal charge. He is like Boman Irani of Jolly LLB and will suck as that is the only a way sibal can earn money now a days.
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  • Originally Posted by jollygood
    Just don't by the headlines. Depositing 4 cr to get another 6 months..


    The Supreme Court has stayed the execution of a 12 per cent per annum penalty..... till August 3.

    Originally Posted by jollygood
    Also does this 4 cr go to the buyers, no it goes to the govt treasury.


    Ignorance is not bliss all the time. It's not a fine, it's a deposit. Where did you get the idea of this amount going to the Govt. Treasury? Deposit here is kind of security which SC is asking to deposit.

    No offense jollygood, all i am saying is we should make ourselves aware of the facts.
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  • I would be most happy if buyers who go legal do get adequately compensated, but cannot recall a single case where they actually got the money. All favourable judgements in NCRDC or lower courts get overturned or stalled in the higher courts. Also it is expensive to sustain the case due to extremely high costs and time delays. The builders are using this to their advantage.

    Even in this case I do not believe that the buyers can expect any immediate relief, expect a long protracted battle. The builders are loath to pay any compensation as this opens a Pandora box.

    Let us see how things unfold on 3rd Aug.
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  • Case can easily go upto 3-5 years. Maybe even 10 years.
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  • Economic times today.
    Attachments:
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  • Originally Posted by fidobagging
    Sad to see such forced distress sales of such nice assets. Why are Gaurs not doing open auction instead of selling their assets at such a steep loss ?

    I think 5.4 cr per MW is good ball park price. Also note that this is 2x 250 MW units and not a 500 MW, that are most efficient. That said it depends on land availability and scope for further expansion and the PPA in place.

    The key point is how much money, if any, accrues to JP. If the whole amount transfers to the lenders then it is calamitous for the flat buyers.
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  • JSW also recently acquired a 1000 MW plant from his brother for 6300 cr. As I said these are 500 mw units that are more efficient and also the sale was within family, not sure if it mattered.

    Of course some amount of distress is built into all JP deals as the buyers knows the precarious condition of the group and no one will pay the interest costs, penalties etc.
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  • Originally Posted by Bharatiya
    IPNoida ji
    At least gather 500-600 such buyers. More the better.

    Then collectively file a Petition on SC about fraud and harassment by JP regarding all the delayed projects. Get a good lawyer and be prepared to fight for 4-5 years..


    And when SC ask you why didn't you go to lower courts first what are you going to reply? Sorry to ask this, but do you have any idea how Indian judiciary system works?
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  • SC is not some court of truth which delivers salvation. I have heard from ex-SC judges on reality of corruption.
    For the right price in Jayalalilatha disproportionate assets case, the HC judge forgot basic arithmetic.

    Noone here is tracking case of JP FDs in CLB. See how many many extensions they are getting.

    Besides dont get excited about any asset sales. They will be going to bank lenders and not wishtown investees.
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  • Originally Posted by boomer
    SC is not some court of truth which delivers salvation. I have heard from ex-SC judges on reality of corruption.
    For the right price in Jayalalilatha disproportionate assets case, the HC judge forgot basic arithmetic.

    Noone here is tracking case of JP FDs in CLB. See how many many extensions they are getting.

    Besides dont get excited about any asset sales. They will be going to bank lenders and not wishtown investees.

    JP is not the only one getting extensions for FD repayment in CLB. Everyone is getting them
    Unitech, Ansal, Elder Pharma, Plethico Pharma, Micro Technologies, Omnitech Solutions

    The list goes on and on.
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  • 1 Hr long episode discussing Jaypee with 3 lawyers and legal options. A must watch.

    https://www.youtube.com/watch?v=zVGnUVEkMoc
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