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- Originally Posted by MontyKingREALITY CHECK
Jaypee Wishtown is nowhere near to delivery/possession stage. The kind of labour and construction activity required for possession can nowhere be seen, The truth is Jaypee has used up money from buyers to create assets elsewhere, like landbank, yamuna expressway, F1 Track etc which gave no return and eroded their capital. They reduced some of their huge debt though distress sale of their cement and other assets. Still a gigantic debt is remaining. They do not have even have a small % of the working capital required to complete wishtown. Their words and actions never match. JAYPEE will never complete the projects, except maybe few on the golf course side. Buyers need to think out of the box if they want to get their flats. One way may be to talk to the original contractor to find out how much is required to complete the tower and accumulate that fund to get it completed. But to depend and HOPE on Jaypee will be a disaster.
Well said . This is just a pipedreamCommentQuote0Flag
People should buy better builders like ATS, Prateek, Mahagun etc and stay away from JP.CommentQuote0Flag
- Recently spoke to one of term lenders of Jaypee regarding allowing some % of Ultra Tech sale proceed to pay towards construction activities....banker straightforwardly rejected any such commitment given to Jaypee. I suggest whenever management is making any promises to pay from its own pocket or out of sale proceed do ask lenders permission in writing.CommentQuote0Flag
- Originally Posted by nalincRecently spoke to one of term lenders of Jaypee regarding allowing some % of Ultra Tech sale proceed to pay towards construction activities....banker straightforwardly rejected any such commitment given to Jaypee. I suggest whenever management is making any promises to pay from its own pocket or out of sale proceed do ask lenders permission in writing.
Correct, Jaypeeâ€‹ doesn't have the funds to complete Wishtown and is just buying timeCommentQuote0Flag
- It's game over now.
The Yamuna Expressway Industrial Development Authority (YEIDA) has warned that it will take over the Formula 1 and other sports facilities built in sector 25 along Yamuna Expressway, if the Jaypee Group fails to pay Rs 680 crore in land dues.
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- A committee constituted by the Chandigarh Municipal Corporation to get the land vacated from the Jaypee Group running the Dadumajra garbage processing plant met Deputy Commissioner Ajit Balaji Joshi on Friday.
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- I'm willing to bet that Jaypee will somehow "find the money" to pay to YEIDA and hold on to their land.CommentQuote0Flag
- Originally Posted by RaojeeI'm willing to bet that Jaypee will somehow "find the money" to pay to YEIDA and hold on to their land.
How come they can't find any to complete the tens of thousands of flats they have sold ?CommentQuote0Flag
- I have heard main aim of JP's promises was to quiten things down for a while and now they are shifting their office away from Noida so that their customers don't come and protest every day. Is it true ?CommentQuote0Flag
- In yet another trouble for Jaypee group running the garbage processing plant, the Municipal Corporation has decided to send a list of losses caused by the group to the corporation and the local residents in the last 12 years for not processing the garbage and dumping it at the dumping ground at Dadumajra.
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- The progress on wishtown has definitely slowed down. There are far too less people working. At this pace, JP would miss the deadlines promised by a year or two or maybe more.
Sample this : Kosmos tower 53, 54 are supposed to be delivered by Oct this year, and only 5 people are working on it.
Klassic towers A1-A7 have 10-15 people working on them.
This is an eyewash by jaypee to calm people. They wont deliver.CommentQuote0Flag
- Originally Posted by TruenityI have heard main aim of JP's promises was to quiten things down for a while and now they are shifting their office away from Noida so that their customers don't come and protest every day. Is it true ?
And where are they moving to?CommentQuote0Flag
- How is the occupation rate on the Golf course side? Any movements?CommentQuote0Flag
- What will happen to facilities like Golf Course when JP gets taken to bankruptcy court ? Will they be auctioned off and be converted to something commercially viable like baraat ghar ?CommentQuote1Flag
Disclaimer in beginning:I have not invested in JayPee, and I live in proximity of their Vasant Vihar offices, so I believe, I can provide unbiased view .
JayPee offices have already ( most probably ) shifted from Noida to JayPee Associates office in Vasant Vihar , Delhi ( next to one of their 5 star JayPee Vasant Continental hotel . Their residences are also nearby .This is one of the most expensive residential area in India . The cost of per square yard had easily crossed ten to twelve laths rupees in peak time. Most of the houses here are 500 and 1000 square yard . So as a conjecture , a well built 1000 square yard house costs roughly 125 crore rupees in conjunction with market reality of course..
In general , even after observing for forty years , I fail to understand , why these type of builders are roaming in private /chartered airplanes , luxury cars etc( that is , leading extravagant lifestyles ) in recession times ( when their customers are suffering due to their misdeeds)!
Even if , they do not want to become ascetic , at least they can take austere measures and have empathy ( and true sympathy too ) with their customers . They should liquidate/mortgage personal assets and help in fulfilling their promises , so that they can have customer satisfaction , if not customer delight .
Though, irony is , these type of builders are claiming, they are working at least six and half days in a week !
In my opinion , India may not be a super power, but if savvy citizens start questioning the authorities and companies like developed countries people do , then surely common people will not be taken for a ride .In fact, there is no dearth of law in India , it is just the effective implementation (due to ulterior motives of few ) which is lacking today.