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 rajchauhan
    Hello,
    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.


    Peace .

    Wishtown was sold by JP companies, not by Gaurs personally. They have no personal liability. Why should they liquidate their personal assets ? Is someone works for a company that goes bankrupt, should they offer their personal assets to make it whole ?

    If there has been a criminal embezzlement of company funds into personal accounts, that is another matter entirely, but if the personal assets were built through legal means, they are protected from corporate bankruptcy.
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  • Originally Posted by rajchauhan
    Hello,
    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.


    Peace .


    Buddy, most builder have intention to cheat. For them its a daily business where every benefit is for themselves , but every cost is automatically passed to the customer . Most builder simply do not care about financial propriety ; to them its all part of the business . Serve yourself first , customer last is the mantra of the every builder / broker / contractor in RE industry
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  • In NCLT another restructuring proposal may be formulated by Jaypee. Lenders also understand selling properties will not fetch even 20% of their loan. Buyers will be worst sufferers.
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  • Originally Posted by nalinc
    In NCLT another restructuring proposal may be formulated by Jaypee. Lenders also understand selling properties will not fetch even 20% of their loan. Buyers will be worst sufferers.

    What does all this mean for Wishtown? Will it ever be completed?
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  • Jaypee buyers have to think out of the box for coming out of this situation. They need to step up and take control of dilivery in their hand. Blindly relaying on Builder further will make things worse I guess. Lotus zing is good example where buyers took dilivery in their hand and now it's going well.

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  • Originally Posted by Truenity

    What does all this mean for Wishtown ? Will it ever be completed ?

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    If given a chance to restructure loan observer be appointed who will monitor all cash flows, but if restructuring is solution it would have been done earlier. Problem is viability.....viability is not there, suppose debt be reduced to 50%, jaypee not in position to serve monthly interest against reduced 50% debt,
    Completion of Wishtown only depends upon will and intention of promoters of Jaypee. If thery are not ready to pump in money from there own sources....unending delay will be there. Problem is even now Jaypee expecting further money from banking system...and massive haircut (waiver) on its debt.
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  • Originally Posted by nalinc

    \\
    If given a chance to restructure loan observer be appointed who will monitor all cash flows, but if restructuring is solution it would have been done earlier. Problem is viability.....viability is not there, suppose debt be reduced to 50%, jaypee not in position to serve monthly interest against reduced 50% debt,
    Completion of Wishtown only depends upon will and intention of promoters of Jaypee. If thery are not ready to pump in money from there own sources....unending delay will be there. Problem is even now Jaypee expecting further money from banking system...and massive haircut (waiver) on its debt.

    When promoters have no legal obligation to pump in own funds, why will they do so ? They are not going to get any of it back.
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  • Originally Posted by enduser13
    Jaypee has given commitment that they will finish the wishtown project by 2021. Jaypee is one of India's best builders, so I think it's a very good time to invest and buy my dream home in Jaypee. All these people here who are badmouthing Jaypee need to see their other projects and realise that they are not fooling anyone. Even 10th fail brokers pretending to be master of economics in this forum. Most of these have no idea about Jaypee finances, only spreading rumours and hurting the buyers sentiment by maligning Jaypee.

    RBI has directed banks to take JP to bankruptcy court within​ one month. This news has been reported widely in national media. Is the RBI and national media also spreading rumors about JP ?

    As for commitment to deliver by 2021, they had also committed to deliver Wishtown by 2016 at one point. Even projects that were promised to be delivered by 2011 are still incomplete. The less said about their commitments, the better.
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  • But that delay was not totally jaypee's fault. It's partly because of housing bubble burst and greed of buyers who wanted to get rich quickly by investing in under-construction properties. This problem won't be there if every buyer pledges to buy only ready to move home. What you sow is what you reap my friend. The homebuyers and investors had it coming.
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  • I have never bought any under-construction property because I was not greedy. This is why now I am happy and don't have to go to courts and do dharna pradharshan for my own home.
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  • Why dont they buy house like they buy a car? Why did they invest in under-construction! Maybe it's a lesson for all buyers to not get greedy. In the long run it's a very good lesson for future buyers to always buy rtm! In this way, the builders will have to take loan from the banks to construct their projects and then sell it to home buyers, instead of taking money from homebuyers at zero interest. Whatever haooens, happens for good. I am glad this happened and I thank Jaypee for teaching the people a lesson why not to get greedy.
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  • It is true that those who chose to believe JP's promises were being greedy to some extent, because they always had the option of waiting till Wishtown was delivered successfully, in which case they would have had to presumably pay higher prices. However, only someone sadistic will praise JP as one of India's best builders and be glad at other people losing their life's savings and more.
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  • Is the price for a under-construction car any different from a ready to drive car. You are not getting my point. Allow me to dumb it down for u. I am saying that no one should buy a under construction property. Only then things will change and builders and brokers will come to their knees.
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