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Jaypee Greens Wishtown, Noida

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Jaypee Greens Wishtown, Noida

Last updated: August 17 2020
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  • Re : Jaypee Greens Wishtown, Noida

    Don't have tower wise status , but can update on project wise... I live close by ...so night status can is visible from my home...

    Status is as follows: Disclaimer, updating on basis of labour and work seen in towers from outside, went inside towers for a few projects...

    Kasa Isles or Kresent homes (not sure which one exactly): Work & Labour can be seen in both day & night

    Kosmos: Labour working in the day, most of the towers have been painted from outside

    Kensington Park Apartments: Very few labour can be seen

    Garden Isles: Work going on at good pace , day & night

    Orchards : Work has started again, passed on to Comet Constructions now

    Kensington Boulevard: Work going at good pace in 3 towers by BL Goyal (both in day & night), labour is there in other 6-7 towers which are managed by Comet, For rest of the 8-9 towers, work is at halt by Ahulwalia contractors, as per Jaypee office, it is expected to start by May

    Kubes: No idea, missed to see it

    Pavilion Court & Heights: Towers Delivered (count of towers wld be available on Jaypee greens website, labour can be seen in rest of the towers

    Kalyspo Court: Labour can be seen plus looks like finishings going in some units

    Imperial: No idea, but looks ready to me from outside

    Villas: Augusta villas ( I believe, the low rise white villas) are almost complete, the red villas which can be seen from Expressway also looks almost complete, no idea on the inside finishing as only owners allowed

    Private plots: About 11-12 plots under construction in KP 1, about 6-7 plots under construction in KP 2 ( I have already shared photos in plots thread..

    Golf Course private plots: 2-3 plots can be seen under construction, 1 massive 500 gaj khoti' structure almost complete

    Boomerang Club: Structure completed, looked good from outside..

    Golf course: Maintained beautifully ( my this update now would be bashed by a basher again that we are restricted to only see how JP is watering Wishtown, I don't care hell about his/her views, I think what matters most is ...Wishtown comes out to be a beautiful liveable area in long run)
    Last edited March 10 2016, 08:01 AM.

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    • Re : Jaypee Greens Wishtown, Noida

      WT land is not pledged to any Bank. Any collateral to Bank cannot be sold in open market. The slightest idea that Banks will seize private property in WT is preposterous.

      Only question is from where will JP find money to complete semi constructed towers? Where will JP find money to build internal Infrastructure and maintenance?

      In worst case scenario. Suppose JP goes under and forced to sell management duties of WT. If some 3rd party acquire these assets, they can levy a penalty fee on unregistered buyers for getting NOC from new management for registration of their properties at the authority. Owners of apartments, plots and semi constructed apartments pending possession WILL REMAIN the owners even in worst case scenario.

      Banks cannot do anything to owners of private property in WT. However, Banks can seize any unallotted and unsold inventory of Land and apartments in WT. That's the limit of Banks jurisdiction.

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      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by Bharatiya View Post
        WT land is not pledged to any Bank. Any collateral to Bank cannot be sold in open market. The slightest idea that Banks will seize private property in WT is preposterous.

        Only question is from where will JP find money to complete semi constructed towers? Where will JP find money to build internal Infrastructure and maintenance?

        In worst case scenario. Suppose JP goes under and forced to sell management duties of WT. If some 3rd party acquire these assets, they can levy a penalty fee on unregistered buyers for getting NOC from new management for registration of their properties at the authority. Owners of apartments, plots and semi constructed apartments pending possession WILL REMAIN the owners even in worst case scenario.

        Banks cannot do anything to owners of private property in WT. However, Banks can seize any unallotted and unsold inventory of Land and apartments in WT. That's the limit of Banks jurisdiction.
        Sir please check your facts. Any collateral pledged to banks SHOULD NOT be sold in open market, but this is India and it HAS been. Basically JP borrowed against the land and sold off flats to be constructed on that land without clearing the loans. Don't ask how the banks allowed this to happen, but that is what it is and that is why banks are in a state of panic.

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        • Re : Jaypee Greens Wishtown, Noida

          Originally posted by pkgandhi View Post
          Sir please check your facts. Any collateral pledged to banks SHOULD NOT be sold in open market, but this is India and it HAS been. Basically JP borrowed against the land and sold off flats to be constructed on that land without clearing the loans. Don't ask how the banks allowed this to happen, but that is what it is and that is why banks are in a state of panic.
          This is quite normal, the loans are given as working capital loans with land as a security

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          • Re : Jaypee Greens Wishtown, Noida

            Originally posted by jollygood View Post
            This is quite normal, the loans are given as working capital loans with land as a security
            Well in theory, the working capital loans should have been paid off before/when the flats were sold and were no longer part of inventory, but that never happened.

            And yes, I am sure this situation is not unique to JP, but it is still bad risk management from banks.

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            • Re : Jaypee Greens Wishtown, Noida

              What rubbish - banks in state of panic and all. This is standard practice in India - banks underwrite projects - on some collateral. Nothing to do with Jaypee.

              If this pans out - there are two ways - either Jaypee sells peaces of land in WT on peace meal basis and uses part of the proceeds for construction (as most of construction can be self funded by the delta on collections vs spend on the units themselves) or JP sells WT as-is where-is to the likes of Tata/Godrej and/or a PE player.

              The amount of money that a good developer can make out of WT for the location/ concept is staggering despite accounting for delays etc

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              • Re : Jaypee Greens Wishtown, Noida

                Originally posted by pkgandhi View Post
                Wishtown has been delayed since 2007 when JP had no debt problems. It is a fool's errand to speculate on fire sale prices and I will not indulge in it, but cement asset sale is a good pointer. JP couldn't finish Wishtown when they had no cash flow problems. Now, when they can't raise even 30 crores to pay interest on loans and no contractor/supplier will give them credit on payment terms, how will they complete it ? You are forgetting much of the land/buildings are mortgaged and no one will take over a semi-sold, semi-constructed project in this kind of a market.

                Anyway even if I accept your valuation of 10k crore and let us even multiply it by 5 and say 50k crores, JP will probably still have a shortfall when stacked against group liabilities of over 130k, potentially.

                I think it has clearly been demonstrated that JP is not operating on a going concern basis. Otherwise banks wouldn't have forced them to sell cement plants for zero cash and seized nirman sadan and other land banks. Wait for these to be auctioned off. The valuations will surprise you.
                Hey dude JP WT is not the only asset left with JP - don't dramatise

                WT is Infratech which has 7-8k cr loans. It is easy to see WT alone is able to kill off that loan in one swipe. That then does not account almost 5000 acres left in NCR and Agra, the whole valuation of YEW and Himalayan eways, pending Aman and so forth.

                If you add contingent debt - which may not happen - you don't know the equivalent contingent assets.

                The 75k debt figure is also wrong as the power assets and others sales have not been factored in.

                You are just not doing an asset vs liability matchup correctly - do that once without continously inventing numbers on the debt side to make them look way worse than they are.

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                • Re : Jaypee Greens Wishtown, Noida

                  Originally posted by dineshsays View Post
                  What rubbish - banks in state of panic and all. This is standard practice in India - banks underwrite projects - on some collateral. Nothing to do with Jaypee.

                  If this pans out - there are two ways - either Jaypee sells peaces of land in WT on peace meal basis and uses part of the proceeds for construction (as most of construction can be self funded by the delta on collections vs spend on the units themselves) or JP sells WT as-is where-is to the likes of Tata/Godrej and/or a PE player.

                  The amount of money that a good developer can make out of WT for the location/ concept is staggering despite accounting for delays etc
                  Banks financing the developer's land and simultaneously financing the customer's under-construction flat may be standard practice in India, but that doesn't change the fact that it is risky double-financing, which means the banking system basically lends twice the value of the collateral it holds. The practice is a concern for JP more than others I ly because JP has defaulted on almost all loans and is on the verge of bankruptcy.

                  Again, it is a pipe dream to think that JP will be selling any assets going forward. Even the cement asset sale was managed by the lenders not JP. They only care about getting their loans paid, not if Wishtown is ever completed. All sales in WT once lenders take over, as is inevitable, will be directed to raise funds to repay loans, which lenders have a right to accelerate because of cross default clauses. The lenders have no interest in competing WT other than to the extent it helps immediate repayment of their loans.

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                  • Re : Jaypee Greens Wishtown, Noida

                    Originally posted by Bharatiya View Post
                    WT land is not pledged to any Bank. Any collateral to Bank cannot be sold in open market. The slightest idea that Banks will seize private property in WT is preposterous.

                    Only question is from where will JP find money to complete semi constructed towers? Where will JP find money to build internal Infrastructure and maintenance?

                    In worst case scenario. Suppose JP goes under and forced to sell management duties of WT. If some 3rd party acquire these assets, they can levy a penalty fee on unregistered buyers for getting NOC from new management for registration of their properties at the authority. Owners of apartments, plots and semi constructed apartments pending possession WILL REMAIN the owners even in worst case scenario.

                    Banks cannot do anything to owners of private property in WT. However, Banks can seize any unallotted and unsold inventory of Land and apartments in WT. That's the limit of Banks jurisdiction.
                    Mate the infrastructure is almost ready

                    All internal roads (bitumen - not kuccha) are ready, boundary walls are in place, drainage is done, 5 STPs in WT are in place, 5 water distribution plants are in place, most UG gas work from IGL is in place, I'd say about 50-60% of greenery also is established, shops are mostly setup. Yes clubs are half done and lot of other works are pending but 70% needed Infra for WT is already in place

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                    • Re : Jaypee Greens Wishtown, Noida

                      Originally posted by dineshsays View Post
                      The amount of money that a good developer can make out of WT for the location/ concept is staggering despite accounting for delays etc
                      Correct me if i am wrong. But JP WT inventory of apartments and Plots is already SOLD to buyers. So what exactly can JP sell in WT? As per my knowledge, JP can only sell Management duties of WT.

                      How much unsold inventory does JP has in WT?

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