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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  • At least the CEO of YEIDA is telling the truth about the legal situation of JP Wishtown. Do you want to believe him or people posting here with ulterior motives and agendas ( you can also count me in that category if you want to) ?

    JP Wishtown buyers will be left completely in the lurch. And if bankruptcy is not highly likely, why on earth are JP Wishtown buyers signing petitions against it ?

    http://m.timesofindia.com/city/noida/jaypee-buyers-float-online-petition-to-save-builder-from-impending-bankruptcy/articleshow/59467758.cms
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  • Looks like the petition to stop Bankruptcy is actually filed by Manoj Gaur in disguise. Read the content of petition. It says that Banks, UP Politicians, Bureaucrats and Govt are responsible for failure of WT project. Poor JP is now forced into Bankruptcy when they are trying to deliver WT. Bunch of lies. JP is responsible for its own failures and now blaming others. JP don't wanna go through Bankruptcy proceedings because it will unveil their mask of lies and deception and then it will be sued by 25000 home buyers in various courts for various frauds and mischief. JP Management thus stare a future where they will go to jail.
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  • Any link to the petition? Nothing on change.org for, "Save 25000 buyers of Jaypee by preventing them from filing bankruptcy".
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  • For complete context, sharing the petition here : Save 25000 home buyers of Jaypee Infratech's WishTown from impending bankruptcy
    Arvind Jain Noida, India

    June 21, 2017

    Shri Mukesh Kumar Jain
    MD & CEO.
    IDBI Bank Limited
    IDBI Tower, WTC Complex,
    Cuffe Parade, Colaba
    Mumbai 400 005

    Dear Sir,

    Reg:- Plight of about 25000 Homebuyers of Jaypee WishTown, Noida, U.P., developed by Jaypee Group.

    Ours is a registered home buyers welfare society of Jaypee Wishtown Noida.

    Based on newspaper reports, we understand that Reserve Bank of India has instructed the lending banks to Jaypee Infratech Limited to file an application under Insolvency and Bankruptcy Code (IBC) with the National Company Law Tribunal (NCLT) within next one month.

    In this regard, please consider the following points before taking the final decision for filing of your application under the IBC, against Jaypee Infratech Limited :-

    1. Jaypee group launched Wishtown properties from 2007 onwards. However only about 5000 units have been handed over to the buyers and over 25000 families are still awaiting delivery of their homes.

    2. You will be aware that Jaypee group has repaid probably the largest amount to lending banks among all NPA accounts. Their loans were also restructured and It was also announced by SBI that Jaiprakash Associates Limited has now manageable debt of Rs. 6000 crores and is now out of the NPA list. Therefore they have demonstrated their willingness to repay the banks.

    3. Jaypee Infratech owns the WishTown so it should be able to repay loans from likely receipts of 6-7000 Crores from balance payments of unfinished projects of Wishtown and also by selling their other assets.

    4. Recently Jaypee arranged fresh funds of about Rs. 1800 Crores including their own contribution and loans. Construction of the stalled housing units were restarted and 25000 buyers had a renewed hope that they will get their homes sooner or later. But our hopes are now shattered to see name of Jaypee Infratech Limited in the list of 12 NPA accounts released by Banks.

    5. The sorry state of real estate sector especially in UP., is the direct result of organised loot of buyer’s money by State ruling party politicians and bureaucrats managing the Area Development Authorities.

    6. Banks are also responsible because they granted massive loans to builders for building projects which could have been easily completed in ‘Self Financing’ mode from funds of Home buyers. Thus first they financed builder to build and then financed buyers to buy and so did double financing of projects. They also shirked their responsibility by not monitoring funds useage and timely completion by builders.

    7. The delays in project completion have resulted in only the Home Buyers footing the bill of all above. Today they are bearing the burden of additional interest on bank loans, home rents and tax benefit losses, for the delayed construction. In fact some projects are undelivered even after 10 years of launch. Further proceedings under IBC will completely ruin the Home Buyers as Wishtown is owned by Jaypee Infratech Limited.

    8. With due respect, we may state here that invoking bankruptcy against Jaypee will only compound the problem. Bankers will not be able to get buyers easily for stalled and debt laden real estate projects and that too at a good price. If at all you do, you will be able to secure only a fraction of your dues. However due to this all home buyers will be ruined as their hope of getting their homes quickly will vanish. The time duration of process and legal issues of the new builder taking over and starting construction will be very very long (if at all that happens)

    9. Banks should also consider that in the above scenario, the harassed buyers may well refuse to repay bank home loans. Thus the banks will create 25000 new NPAs by settling one NPA.The situation is very grave and we fear that home buyers may start taking other drastic measures like organising Dharnas, legal action and or I hope and pray not the suicidal route taken by farmers.

    10. Homebuyers of bankrupt builder will be ruined as all the money paid by them to the builders is classified as Unsecured Loans having the last charge on recoverable monies. So chances of recovering their investments will be bleak to say the least.

    11. To avoid ruining thousands of home buyers and resulting implications therefrom, it is imperative that all delayed projects are completed quickly. Bankruptcy and or prosecution of builders can be a punishment to builders but their meagre punishment as per law will not solve problem of homebuyers and may not be a good solution to the problem.

    12. Completion of delayed projects can be achieved quickly only if builders have sufficient funds for completing the project, so we request that:-

    a. Banks must provide soft loans to Jaypee Infra quickly and restructure its debts, to the extent that shortfall of funds needed for completion is addressed with sufficient safeguards like Escrow accounts. Banks and Homebuyers should be part of regular monitoring of fund usage and construction progress. Jaypee should be able to repay loans from likely receipts of 6-7000 Crores from unfinished projects and also by selling their other assets.

    b. Noida Authority and Yamuna Expressway Industrial Development Authority must withhold collection of their dues of about 1100 Crores, till all WishTown projects are completed. Let the builders use the money for completion. If the Local Area authorities could wait so far due to shady reasons, they must now wait for few more years.

    c. Buyers of all delayed projects must be given moratorium on EMI payments till their properties are handed over. Interest paid by home buyers for the NGT blockage period should be reimbursed to buyers by Noida Authority, as it was responsible for the NGT mess.

    d. Kindly note that we are not asking for Loan Waiver.

    e. Banks must also bear the interest on EMIs for the moratorium period as they are also responsible for this situation. They have already earned lots of interest from builders and also from homebuyers, so can now bear this additional burden which will be far better than facing thousands of NPA accounts.

    I hope you will realise our predicament and accept our just demand and order for its speedy execution.

    With kind regards,

    Yours sincerely
    For Developers Township Property Owners Welfare Society

    Arvind Jain
    (President)
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  • I must say, that Mr Arvind Jain is a very intelligent individual. The petition and requests are very logical and should be implemented.

    Members have posted excerpts and are twisting facts and without their relevance.

    Please read the petition in entirety to understand it.
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  • Originally Posted by raabta
    I must say, that Mr Arvind Jain is a very intelligent individual. The petition and requests are very logical and should be implemented.

    Members have posted experts and are twisting facts and their relevance.

    Please read the petition in entirety to understand it.


    While some JP investors on this forum claim that there are good prospects of completion of WT, the President of WT owners welfare association says that hopes of completion of WT are now shattered since JP Infra is going into Bankruptcy proceedings.

    So some investors are promoting JP on forum while WT's own President see grave danger of failure of WT project with upcoming Bankruptcy of JP.


    4. Recently Jaypee arranged fresh funds of about Rs. 1800 Crores including their own contribution and loans. Construction of the stalled housing units were restarted and 25000 buyers had a renewed hope that they will get their homes sooner or later. But our hopes are now shattered to see name of Jaypee Infratech Limited in the list of 12 NPA accounts released by Banks.
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  • Originally Posted by Bharatiya


    While some JP investors on this forum claim that there are good prospects of completion of WT, the President of WT owners welfare association says that hopes of completion of WT are now shattered since JP Infra is going into Bankruptcy proceedings.

    So some investors are promoting JP on forum while WT's own President see grave danger of failure of WT project with upcoming Bankruptcy of JP.



    The investors would not like to take a risk,afterall its their money at stake.

    Everybody has their reasons - Some have personal vendetta against Jaypee, some have too much time, some are just brokers trying to find a suitable buyer, and some are just prospective buyers on lookout.
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  • I should also get Debt moratorium on my car loan for 5 years because i am having tough time. I should also get Debt moratorium on my home loan and property tax. And SBI should restructure all my loans and give me new personal loans at low interest rates.

    Why should Noida authority give Debt moratorium to JP on payment of pending dues? Why should Banks give debt moratorium to JP home buyers on their loans & EMIs? Why should Banks offer new loans to JP for completion of WT? Why?

    Bank kya JP ke baap ke hain? Noida authority & UP Govt kya JP ke baap ki hai?

    JP had all the money to complete WT. Its the greed & corruption of JP that sunk the project. Now don't ask bailout from Govt and Banks. I share sympathy for buyers and end users stuck in JP project. But why asking Govt and banks to cover for mistakes of JP management?
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  • Yes, they over-leveraged their position and risked everything. It did not go their way. They would pay for it and they are already paying for it.

    Punishing JP should not mean punishing people who bought in JP.
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  • Banks aren't going to give anymore loans for completion of WT. UP Govt isn't going to give Debt moratorium on JP dues. JP creditor Banks and YEIDA don't care about home buyers. Their interests is in recovering their dues which JP has been stalling since long time. Restructuring has never helped JP in past so bankruptcy is the inevitable option.

    Do you think SBI or ICICI bank care if some WT project home buyers are stuck in project. Goal of banks is to clean up their balance sheets and nothing else.
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  • Originally Posted by Bharatiya
    Banks aren't going to give anymore loans for completion of WT. UP Govt isn't going to give Debt moratorium on JP dues. JP creditor Banks and YEIDA don't care about home buyers. Their interests is in recovering their dues which JP has been stalling since long time. Restructuring has never helped JP in past so bankruptcy is the inevitable option.

    Do you think SBI or ICICI bank care if some WT project home buyers are stuck in project. Goal of banks is to clean up their balance sheets and nothing else.


    Look at the bigger picture. - Read the appeal carefully. As Mr Arvind rightly says, if JP is declared bankrupt, then homebuyers would not pay EMIs, this would again give rise to NPAs. How are the balance sheets getting cleaned up?

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  • There is no clause in Loan agreement that says that loan taker can stop paying EMIs to bank if the builder project gets stalled for any reason. On what basis can JP home buyers can stop paying EMIs in case project work is stopped? There is no legal bases.
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  • Originally Posted by Bharatiya
    There is no clause in Loan agreement that says that loan taker can stop paying EMIs to bank if the builder project gets stalled for any reason. On what basis can JP home buyers can stop paying EMIs in case project work is stopped? There is no legal bases.


    There is no asset to be paid for. Banks are supposed to do due diligence before proving a loan.
    Sure - Banks can drag these people to court, but in court - considering they are 2k + members, would club them in a case that would go on for years and no emi's would be paid until then.
    Ofcourse - this is all a speculation, but seems logical.
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    1 Comments
    • Bharatiya1 years ago
      I see JP buyers interviews in news reports who are paying EMIs even when their possession is delayed by several years. They cannot stop paying EMIs as they have to comply with loan agreement...no matter what the status of builder project is. That's been a big problem, not just for JP, but for stuck home buyers for all other u/c projects as well.
  • If i buy a car on loan and my car is destroyed in a car accident, does that mean i don't have to pay loan?

    Regarding WT, there will be a big legal mess involving creditor banks, Noida authority, JP investors & home buyers (years of court cases etc). There is no way to avoid it. That's why one should avoid buying in WT. Of course the prices in WT are discounted for these reasons. One should carefully weigh his risk/return appetite.
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