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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  • Jaypee pays 15% of dues to YEIDA TNN | May 16, 2017, 07.29 AM IST
    GREATER NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) on Monday said that Jaypee (Jaiprakash Associates Ltd) had paid it 15% of the total outstanding amount due for the 1,000hectare plot on which the company has developed a sports city. The Jaypee group has paid Rs 100 crore out of the Rs 600 crore, YEIDA said. The Authority had issued a final notice to the builder in March this year after which the realtor had paid the Authority Rs 10 crore. The next instalment due from Jaypee is Rs 384 crore, which it has to pay by August 31, 2017.

    According to Arunvir Singh, chief executive officer, YEIDA, the developer had been defaulting on its instalments for the past five years. "The land in question was allotted to the developer in three pockets under YEIDA for constructing residential units under Special Development Zone (SDZ) category," he said.

    "Owing to the default by the builder, the allottees are suffering. Currently, the builder has not even started construction on the land. Hence we issued a notice as they did not pay us Rs 90 crore in March. However, we extended the date after they paid us Rs 10 crore. The last date for paying the balance Rs 80 crore was May 15" he explained.

    The developer still has to clear outstanding dues amounting to Rs 300 crore towards the 165-km expressway, which connects Greater Noida to Agra besides Rs 1,200 crore, which has to be distributed as enhanced compensation of 64.7% to farmers in lieu for lands acquired. "However, the matter is sub-judice," Singh said.


    URL: http://timesofindia.indiatimes.com/city/noida/jaypee-pays-15-of-dues-to-yeida/articleshowprint/58691022.cms
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  • Originally Posted by Raojee
    Jaypee pays 15% of dues to YEIDA TNN | May 16, 2017, 07.29 AM IST
    GREATER NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) on Monday said that Jaypee (Jaiprakash Associates Ltd) had paid it 15% of the total outstanding amount due for the 1,000hectare plot on which the company has developed a sports city. The Jaypee group has paid Rs 100 crore out of the Rs 600 crore, YEIDA said. The Authority had issued a final notice to the builder in March this year after which the realtor had paid the Authority Rs 10 crore. The next instalment due from Jaypee is Rs 384 crore, which it has to pay by August 31, 2017.

    According to Arunvir Singh, chief executive officer, YEIDA, the developer had been defaulting on its instalments for the past five years. "The land in question was allotted to the developer in three pockets under YEIDA for constructing residential units under Special Development Zone (SDZ) category," he said.

    "Owing to the default by the builder, the allottees are suffering. Currently, the builder has not even started construction on the land. Hence we issued a notice as they did not pay us Rs 90 crore in March. However, we extended the date after they paid us Rs 10 crore. The last date for paying the balance Rs 80 crore was May 15" he explained.

    The developer still has to clear outstanding dues amounting to Rs 300 crore towards the 165-km expressway, which connects Greater Noida to Agra besides Rs 1,200 crore, which has to be distributed as enhanced compensation of 64.7% to farmers in lieu for lands acquired. "However, the matter is sub-judice," Singh said.


    URL: http://timesofindia.indiatimes.com/city/noida/jaypee-pays-15-of-dues-to-yeida/articleshowprint/58691022.cms


    Read between lines.....

    jaypee builder defaulted payment for 5 long years. YEIDA did nothing. Not even a public statement or notice on website to warn buyers about land default.

    YEIDA issued notice only in March this year, on eve of elections, to save own skin.

    against massive default, only peanuts received that too in small instalments. No guarantee for future payment. YEIDA taking action now only due to new Govt Yogi pressure.

    YIEDA now remembers poor buyers. After many dreams are shuttered and thousands are robbed by the builder.

    Do we need any bigger evidence of unholy collusion between builder and buyer? This is criminal. A public authority acting against own and citizen interests.

    Wish some Court jails these criminal officers of YIEDA.

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  • Originally Posted by SMJ2011


    Read between lines.....

    jaypee builder defaulted payment for 5 long years. YEIDA did nothing. Not even a public statement or notice on website to warn buyers about land default.

    YEIDA issued notice only in March this year, on eve of elections, to save own skin.

    against massive default, only peanuts received that too in small instalments. No guarantee for future payment. YEIDA taking action now only due to new Govt Yogi pressure.

    YIEDA now remembers poor buyers. After many dreams are shuttered and thousands are robbed by the builder.

    Do we need any bigger evidence of unholy collusion between builder and buyer? This is criminal. A public authority acting against own and citizen interests.

    Wish some Court jails these criminal officers of YIEDA.



    Good observation.

    Buyers blame greedy builders, and rightly so. But they don't understand or ignore the role of corrupt babus who do little work and take bribe irrespective of whichever party is in power. And these babus get their salary from taxpayer's money, are not affected by any recession or any job loss, get time bound promotion and huge perks.

    While buyers lose their hard earned money, greedy builders either run away or get jailed once in a while. But these corrupt babus are not touched and they continue their bribery under next govt.
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  • So does anyone know which bank has given 1800 crores to JP as has been claimed ?

    How much of that is going to be used to pay Noida authority ?

    How much will be used to clear existing dues to contractors ?

    How much will be used to pay taxes and fines relating to the formula 1 case ?

    How much will be used to clear defaults on FDs for which criminal case has been registered ?

    How much will be used to refund cancelled projects in Yamuna Expressway that YEIDA has cancelled ?

    How much will be used to pay farmers enhanced compensation for their land ?

    How much will be used to pay lawyers who are fighting Jaypee's own customers in court ?

    If JP loses case in Supreme Court, how much will be used to pay Kalypso Court customers ?

    Finally after all this how muchly​, if anything, will be left for completing Wishtown ?
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  • does it mean we can stop paying emi and banks witll recover money from land sale proceedings? or will jaypee have money to finish construction? if yes then how?
    in this deal i only see benefits of institutional investor like banks and not end users or buyers. only bet we can now have is on jewar airport. if it is announced in next few months then only jaypee landprice will shoot up and jp will have money to sell it good price and in turn use it for finishing the construction.
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  • sir construction has started and picked up pace. i went to see a apartment today.
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  • Originally Posted by anjanpanda00
    Finally some good news for jaypee buyers...

    http://wap.business-standard.com/article/companies/bankers-to-take-over-jaypee-s-land-bank-to-recover-loans-117051900085_1.html


    This is terrible news for buyers. Banks have succeeded in ring fencing all the valuable JP assets for themselves. Nothing will be left for buyers now, even if courts give judgements in their favor.
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  • Originally Posted by Truenity

    This is terrible news for buyers. Banks have succeeded in ring fencing all the valuable JP assets for themselves. Nothing will be left for buyers now, even if courts give judgements in their favor.


    In opposite, it's a good news. Jaypee should have sold part of this plot at peak time for the loan payment.
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  • Originally Posted by rahulkumar12


    In opposite, it's a good news. Jaypee should have sold part of this plot at peak time for the loan payment.

    How can it be good news for customers if the only asset that could have generated money for construction of Wishtown is taken away and handed over to lenders who will have now have exclusive claim over it.

    Even courts can't direct JP to sell the land and use the money for construction or refund now, since JP has handed it over to the bankers.

    In Hindi there is an idiom, ek anaar sau bimaar. Now the only pomegranate has been given exclusively to the lenders. How can that be good news for the other 99 bimaar ?
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  • sir, is idbi also owned by jaypee?
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  • begani shaadi mein abdulla deewana
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  • Idbi like other banks has massive exposure to JP. The banks themselves are in big trouble and will throw JP under the bus to save themselves.
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  • u say jaypee would pay banks, and no construction would happen
    and now u say banks would not get paid .
    which one is true?

    imagination is a great joy, use it in better ways
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