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
7925 Replies
Sort by :Filter by :
  • I am a new member of this group. I have 2 -3 BHK flats in JP (KBA and GI) and paid almost all the money but still no work going on.

    I like to join an association which is relvant for this.

    CommentQuote
    1 Comments
    • tyagiuk2 years ago
      My name is Dr Youva Raj Tyagi ...I live in Europe
  • Personal Information
    Do not post personal information, such as full names, email addresses, numbers, or home/business name/addresses on the forum. If you feel the need to disclose this information, do it in a private message. Posts containing personal information will be deleted. Revealing real world information about a member, administrator or moderator is STRICTLY PROHIBITED, regardless of the source, public or private. This includes any information about a forum member that reveals an individual's legal name, address, occupation or other sensitive or personally identifiable information.
    CommentQuote
  • Originally Posted by Raojee

    Jaypee asked to pay Rs 90 crore by April 15 or face cancellation of 1,000 hectare land Jaiprakash Associates (JAYPEE) paid Rs 10 crore against the dues and assured YEIDA to clear the remaining Rs 600 crore against the allotment of land on the Yamuna Expressway by August 31

    Prabhakar Sinha | TNN | April 13, 2017, 07:55 IST

    NEW DELHI: The Yamuna Expressway Industrial Development Authority (YEIDA) has asked Jaiprakash Associates (Jaypee) to pay Rs 90 crore - 15% of the total outstanding amount of Rs 600 crore - by April 15 or else face cancellation of the 1,000 hectare land on which the company has developed a sports city.

    On March 30, Jaiprakash Associates (JAYPEE) paid Rs 10 crore against the dues and assured YEIDA to clear the remaining Rs 600 crore against the allotment of land on the Yamuna Expressway by August 31. YEIDA CEO Arun Vir Singh said the authority has given a deadline of April 15 to pay at least 15% of the outstanding amount to reschedule the repayment. He said that if the company failed to pay the amount by April 15 dead line, the authority will be left with no choice but to cancel the allotment''. He said the part payment of Rs 10 crore will not help and the company will have to pay the rest of the amount also to re- schedule the repayment.

    Singh said the authority has sent similar letters to other defaulting developers also to pay the 15% of the outstanding to reschedule the payments of dues. The authority has a total of over Rs 800 crore in dues from other developers.

    He said the authority is rescheduling payments of developers with a condition that they would complete the construction works for the units they sold within the next one year. As most of the developers have launched projects around three years ago, they must complete them by 2018. The Jaypee management could not be contacted for their response.

    In a March 30 letter, executive chairman Manoj Gaur had said, "We are in the process of completing the cement transaction and we would like to assure you that this transaction may take another 4 months to get consummated.''

    "Therefore, we would like to seek your kind understanding and request you to give us time up to August 31 to make your all overdue payments,'' the letter said. He had said that the delay in the payment is largely due to the delay in securing approval to sell the cement plants of the company to Kumar Mangalam Birla owned UltraTech Cement Ltd (UTCL).

    In the letter Gaur said the approval to sell the cement plants for around Rs 16,000 to UltraTech could come in March 2017 from National Company Law Tribunal (NCLT).

    "Our transaction with UTCL would have been over by December 2016, if government of India had not changed the jurisdiction of hive off/ merger/demerger from High Courts to NCLT with effect from December 2016.'' He said this change in the jurisdiction of courts led to delay in securing approvals.

    Url: http://realty.economictimes.indiatimes.com/news/regulatory/jaypee-asked-to-pay-rs-90-crore-by-april-15-or-face-cancellation-of-1000-hectare-land/58157581


    Seems whatever little JP is able to secure to restart construction, wont be allowed by lenders ....
    First bankers and now even authority following the same path... will common home buyers become priority ever ?
    CommentQuote
  • Angry Jaypee Wishtown home buyers' mob invades SSP headquarters, stages protest Refusing to leave the spot, the buyers continued their protest till last afternoon and demanded the police register FIRs against Jaypee GroupSharmila Bhowmick | TNN | April 16, 2017, 10:00 IST

    GREATER NOIDA: An angry mob of over 500 home buyers from various projects of Jaypee Group’s Wishtown Project at Sector 128 ventured right into the building of SSP Gautam Budh Nagar, Surajpur, Greater Noida and went on a day-long squat-down protest. The buyers were initially told by the police that a tripartite meeting with the builder would be organised today. To those buyers who went to the Surajpur headquarters, expecting to meet the builder, the police officers said that the meeting was scheduled for Monday April 17. Refusing to leave the spot, the buyers continued their protest till last afternoon and demanded the police register FIRs against Jaypee Group. Finally, after a day-long negotiation with the police, SP City, Dinesh Yadav finally agreed to register FIRs.

    “The issue is not directly a police matter and we tried to intervene between buyers and the builder, but if the buyers are keen on an FIR route, we will do that; so we are going to register all FIRs that come our way. After this an investigation will start,” SP City, Dinesh Yadav said. Talking to TOI on phone, Sameer Gaur, director Jaypee Infratech, said that the builder would come with some clarity about the Wishtown project next week.

    “We have been duped. We will still continue to raise our voice and protest. Today many of us had come with the hope for a meeting. This is a disappointment,” Peeyush Andlay, one of the buyers present at the protests said.

    “We are disappointed that despite giving us time for a meeting the SSP did not meet us nor was the meeting with the builder held today. If there was a meeting organized with the builder on Monday, we should have been properly communicated about it,” Julia Dutta, another buyer at the venue said.

    “We have been seeking a refund on our apartments. Whenever we go to the Jaypee office, people misbehave and once we were even pushed out. We are senior citizens and it is a huge struggle for us. We just want our money back now,” Ashok Prabhakar, another buyer present on location said. SSP Dharmendar Singh said, with the meeting scheduled for Monday, there was no reason to meet the buyers today and a focused discussion could not be organized with a crowd of hundreds of people.

    Priced between Rs 40 lakh and Rs 1 crore, Jaypee Wishtown has 35,000 apartments of which 5,000 have been so far given possession. Of these, 30,000 have not been delivered. Of the 25 apartment complexes at Wish Town, all construction is presently on a halt.

    The project had come to an absolute standstill during the NGT ruling imposing a construction stay within 10 kilometers of Okhla Bird Sanctuary. No construction resumed on the location even after the restriction was lifted by NGT by reducing the ambit of the eco-sensitive zone around the Okhla Bird Sanctuary. Most buyers have invested in these apartments from 2009-2011. The apartments were due for delivery after 36 months of booking. With most buyers having paid up over 90% of the project cost, the cash deposit in lieu of the 30,000 pending apartments is over Rs 200,000 crore.

    The 25 apartments at Wish Town in Sector 128 include Tiara Tower, Pavillion Court, Kasablanca Tower, Kristal Court, Boomerang Residencies, Garden Isles, Pebble Court, Jaypee Orchards, Crescent Homes, Jaypee Kube, Jaypee Knights Court, Jaypee Kasa Isles, Kensington Boulevard, Kensington Park, Jaypee Kosmos, Wish Town Klassic, Klassic Heights, Pavillion Heights, Jaypee Pavillion Court, Jaypee Kalypso Court, The Imperial Court, Kingswood Oriental Villa, Kensington Park Plot Phase I, Kensington Park Plot Phase II and Kallisto Town Homes.











    i
    CommentQuote
  • http://timesofindia.indiatimes.com/city/noida/jaypee-gets-bank-funds-to-restart-work-at-wish-town-next-week/articleshow/58231238.cms

    NOIDA: Jaypee on Monday claimed it will restart construction at its mammoth Wish Town project in Noida by next week as it has received Rs 1,800 crore in working capital from banks. Work on the project with some 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway had come to a standstill with Jaypee having handed over only 5,500 flats.

    But on Monday, Manoj Gaur, executive chairman of Jaiprakash Associates Ltd, assured agitating homebuyers that construction on 50 towers will begin by April 24, and on another 70 by April 29. There are 305 towers in Wish Town, 250 of which are incomplete. Jaypee said it will release the construction schedule of all the towers by April 29. Gaur said as the company received the approval to complete the sale of its cement plants for Rs 16,500 crore to Kumar Mangalam Birla group company, UltraTech Cement, banks have agreed to extend working capital of Rs 1,800 crore to the company.

    The working capital will help meet the immediate funding requirements to start construction, Gaur said. And once work starts, money from homebuyers will pour in as they are tied to a construction-linked building plan. The homebuyers' contribution still due is Rs 7,000 crore. At the same time, the amount required to complete the construction of all the projects is Rs 9,000 crore. The difference could be met from selling 1,500 unsold apartments and unsold commercial space.

    Around 27,000 buyers are agitating against the developers for the delay in giving possession of their promised flats. On Sunday, they even lodged an FIR against the builder. On Monday, they first met Gaur at a police station, a meeting facilitated by SP City, Noida, Dinesh Yadav. The meeting then shifted to the Jaypee office at Sector 128. Buyers are still sceptical about the promises made by the developers. A number them said the developers had made similar promises earlier too but did not keep them.

    However, Gaur said the company could not keep its promises in the past because of unforeseen circumstances.

    "Now as working capital has already been released by banks, we can say with confidence that we will be able to meet the new time-line of completing the project," Gaur said.

    He also asked buyers to form groups of 7-10 persons in each project to monitor the progress of construction. He said the company will soon update its websites and from June a mechanism will be in place that will regularly update the site with all the latest information on construction. The company will also inform all the buyers of the construction schedule of his apartment and respective project through email.

    The company has already delivered 5,500 apartments and 3,000 plots. By March 2018, the company claims it will deliver another 6,000 apartments. Gaur claimed in 2018-19, the company will deliver 8,000 apartments and the remaining ones by 2020.

    The company has so far launched 32,000 apartments out which 1,500 are unsold.

    Gaur hoped that with the start of construction, cash flow in the company will improve, which will help it to expedite completion of the flats. He hoped the sentiment in the real estate market will improve in the next one year. This will enable the company to monetise its unsold units and unused land.
    At present, he said his main priority was to complete the project so that everyone's interest is protected.

    But, if the company is asked to return money, he said, it would be very difficult to complete the project. Therefore, he said, returning money to a few buyers will affect the interest of a majority of customers.
    CommentQuote
  • Very good news! Jaypee must deliver now.
    CommentQuote
  • No no - this is bankrupt company - no hope of wishtown getting any money - this is last minute 'news' planted by desperate investors to keep the sentiment going till as long as they can....soon this will be ghostown, isnt it @Truenity
    CommentQuote
  • I am an eternal optimist but take all commitments from JP management with a pinch of salt. I refuse to be convinced till I see work on the ground that too in 180 towers as promised by end of May. Also the claim about JP having received the money is not verified.
    CommentQuote
  • If history is anything to go by, construction in JP has been in phases.... every construction phase is followed by a NULL construction phase.
    I hope before the funds get dry again atleast 100 more towers get possession.
    News is very good for projects / towers very near possession.

    projects like orchards, krescent, kristal, kasablanca etc where structure is not complete are in hopeless situation.. buyers will be asked to pay more as per payment plan as the structure moves forward... but possession is still far off... they should either file case in ncrdc or move to ready possession units.
    CommentQuote
  • Originally Posted by Truenity
    Hahaha hehehehe .... This is most hilarious. People have been taken for a ride for years by false promises from JP , yet they choose to believe one being made under pressure clearly just to buy some time. Haha.

    As poddarvaib ji pointed out, there is no verification about money coming in. But what is most hilarious is that even if it does, according to the news article it is going to come to JP Associates in the form of "working capital", not from the proceeds of the completion of any sales. When it has been widely reported that JP is in massive default to lenders, contractors, etc one can wonder why lenders will throw even more good money after bad. However, even if one believes this assurance, even when several similar ones have proven to be absolutely false, the money is still going to come to JP Associates, which has nothing to do with Wishtown. JP Wishtown is being developed by JP infratech which is a separate company and JP Associates can't just transfer it's money to it even if it wanted to, when its own creditors have been waiting for years to get their money back.

    When people are so gullible, should they really be blaming builders for fooling them ?

    On another thread, Manoja ji had warned people about JP 7 years ago, yet no one paid any heed , but they will treat anything that JP says as the gospel truth !



    I can understand ur situation now ... u can start winding up from JP threads... very soon u need to find another way to kill ur spare time..
    CommentQuote
  • Originally Posted by Truenity
    Hahaha hehehehe .... This is most hilarious. People have been taken for a ride for years by false promises from JP , yet they choose to believe one being made under pressure clearly just to buy some time. Haha.

    As poddarvaib ji pointed out, there is no verification about money coming in. But what is most hilarious is that even if it does, according to the news article it is going to come to JP Associates in the form of "working capital", not from the proceeds of the completion of any sales. When it has been widely reported that JP is in massive default to lenders, contractors, etc one can wonder why lenders will throw even more good money after bad. However, even if one believes this assurance, even when several similar ones have proven to be absolutely false, the money is still going to come to JP Associates, which has nothing to do with Wishtown. JP Wishtown is being developed by JP infratech which is a separate company and JP Associates can't just transfer it's money to it even if it wanted to, when its own creditors have been waiting for years to get their money back.

    When people are so gullible, should they really be blaming builders for fooling them ?

    On another thread, Manoja ji had warned people about JP 7 years ago, yet no one paid any heed , but they will treat anything that JP says as the gospel truth !



    Tujhe yaar kuch nahi pata fir bhi koshish karta hi rehta hai - most of the golf area projects belong to Jaiprakash Associates not Jaypee Infra. Now what - chal jaldi se kuch counter soch :) :)

    Anyhow - I think it is time for you to shut down this ID also and open a new one with another premise

    WT to beta ban ke rahega - jitna marzi nazar laga le..

    CommentQuote
  • I see a haha heehee in all ur posts these days - good you are having fun.

    Like I said - WT to ban ke rahega - tu jitni marzi - Nobel prize waali theories laga le.

    Jitna marzi - doom and gloom khel le.

    Now go and make a few more ids :)
    CommentQuote
  • Originally Posted by Truenity
    By the way, according to the annual report of JP infratech ( not JP Associates), the company had offered possession to 3700 unit holders in the last year. You can go read it if you want. It's on page 48.

    Lies of Dinesh ji have been exposed again.


    Dost mein phir bol raha hun zyaada zor na daal - your energies are better spent in researching for the elusive nobel prize or creating new ids - see attached image - copy of possession letter offered by Jaiprakash Associates not Jaypee Infra

    Chal ab naya angle dhoond
    Attachments:
    CommentQuote
  • Originally Posted by noida1001
    There is serious seepage and building crack issues in some apartments. Have you seen seepage and cracks in your apartment like that??

    This has been happening for many months now and earlier repair attempts are failing.

    Can somebody please enlightened what can be done on legal front if Jaypee does not resolve this issue?


    Dinesh Bhai any issues with seepage in your unit? Sent a relative to go checkout the "ready" unit and it had massive seepage on the roof. Apparently the guys upstairs moved in a couple of weeks ago and all the water was seeping down. Jaypee have promised to fix this but I read in some post here about others having ongoing issues with seepage. How do we get it resolved so the problem doesn't return as a new coat of paint is not a good solution.
    CommentQuote
    2 Comments
    • Imperialnoid2 years ago
      That is a good tip. The unit above is inhabited so that should be no problem. For my unit should I do this before or after possession? All formalities are done only keys to be collected.

      Any other things that we should look out for. I personally can't go but can't expect relatives to keep making rounds on my behalf.

      Also by the sound of things Jaypee didn't know the seepage had occurred and were complaining that we should have taken possession earlier(unit was ready last month). Personally I am not in a hurry as no one will be staying they are now going to start charging maintenance and other fees from this month so there is no point in not taking possession.
  • Originally Posted by Truenity
    Hahaha. First JP Associates has to get the money at a time everyone wants their money back from them.

    I don't know how many projects JP Associates has , but I do know JP infratech has several projects in Wishtown. In the unlikely hypothetical case that money does come and is allowed to be used for construction, what will become of those projects ?


    And there are low salaried employees of few 3rd rated builders who regularly visit JP threads( 4 times a day) and discuss JP issues and hope JP goes bust completely. Bechare !!!
    CommentQuote