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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  • Hi,

    Can someone pls tell is Kasa Isles under JIL or JAL???And will JAL projects shall also have to file claims or get affected with insolvency?
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  • For those who are outside the country and have invested, what are options? Id there any website to download the form etc?
    I have Flat in Kosmos Tower KM-72A












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  • URGENT/ IMPORTANT : HALLA BOLLLLLLLLLLLLLLLLLL PROGRAMS,
    Dear All,
    Based on feedback of buyers on the ground today, following is the plan for tomorrow.
    ... PROTEST of JP WT HOME BUYERS on 12th August(Saturday),9.30 AM IST
    at Jaypee Sales and Marketing office, Sector 128, Noida
    Please join this Protest in large numbers along with your families. Please carry enough water, umbrella, hats ,medicines(diabetics/sugar/BP patients) etc

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    • M Sinha9 months ago
      please try and form a group on mail or what app also. some of us are abroad but want to be of help and in the loop.
  • Originally Posted by Raojee
    There is some hope that JIL's debts may be paid off. These buggers have a huge amount of assets still. Now that their books are opened to scrutiny, a lot more will be found out about their assets or even Group assets. But more urgently, all the different Jaypee buyers' groups need to hit the streets and stage massive demonstrations, gherao of Noida Authority, YEIDA, MP, DM, CM and enlist the media so that they are very much on the radar.


    Home buyers will lose...First banks will get their dues and I am sure even banks will not be able to recover more than 25% of their money...Home buyers have no chance...There is no meaning of false assurances as the same have been given from last 5-7 years....Its a given that Home buyers have lost their hard earned money...Money is as usually siphoned off...
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  • Originally Posted by shikha6410
    Hi,

    Can someone pls tell is Kasa Isles under JIL or JAL???And will JAL projects shall also have to file claims or get affected with insolvency?


    JIL or JAL does not matter as neither homes, Land nor money will be given...All money is siphoned off...
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  • Some facts/questions that might help everyone:

    1. Jaiprakash Associates (JAL) is the parent that owns 71.64% of Jaypee Infratech Limited (JIL) which is a separate publicly traded subsidiary. Source: Pg. 2 from JAL%20Investor%20Presentation%20-%20Nov'14_vF.pdf

    2. JIL (not JAL) defaulted on its loan payment of INR 526 cr to lender consortium led by IDBI. IDBI took JIL to NCLT. NCLT accepted the insolvency application. Source: 1.pdf

    3. JIL still has a market cap of INR 2,500 cr, which means the market believes that the equity in JIL is still worth something. Home owners are unsecured creditors and rank lower than banks (secured creditors) but rank higher than equity holders. If equity is worth something, then the home owners by logic should not lose money.

    4. If for a second I assume JIL going bankrupt = JAL's 71.64% stake in JIL becoming 0 = JIL projects affected but JAL projects fine? This seems a bit weird and I find it hard to believe. There is always cross collateralization, but can someone who has insight explain this?

    5. I checked my application form (I have an apartment in Kalypso) and the counterparty is JAL. Does this mean JAL is unaffected by the NCLT proceedings since the debt was at the JIL level and only JIL is being restructured?


    As a side note, from June 2017:

    Lenders have spared Jaiprakash Associates from insolvency proceedings after clearings its loan recast package. However, group company Jaypee Infratech is set to be referred to the National Corporate Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC).

    http://smartinvestor.business-standard.com/market/Marketnews-466466-Marketnewsdet-Lenders_clear_Jaiprakash_Associates_recast_plan.htm#.WY4GpFGGPVs
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    • sachdeva519 months ago
      In most cases when loans are given by banks, they take personal guarantees from promoters as well as guarantees from the parent companies and in many cases group companies also is also taken.

      Since JIL is 71-72% owned by JAL.If lenders are unable to recover their money from JIL, they may have given guarantees for JIL debt. So JAL flat owners are probably not off the hook.
  • Where is Jaypee's favorite son @dineshsays . He was an avid writer about JP projects and he hoodwinked many people to buy JP projects. Used to post photographs every week.
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  • Jaypee insolvancy case: Noida Authority to secure Wish Town home buyers' interest Authority CEO Amit Mohan Prasad said they would soon come up with a plan to secure the interest of over 32,000 homebuyers in the Jaypee Wish Town projectSharmila Bhowmick | TNN | August 12, 2017, 07:51 IST

    NOIDA: Noida Authority on Friday asked homebuyers in the project not to panic, with the National Company Law Tribunal admitting an insolvency petition filed by IDBI Bank against the debt-ridden real estate group.

    Authority CEO Amit Mohan Prasad said they would soon come up with a plan to secure the interest of over 32,000 homebuyers in the Jaypee Wish Town project. “We will not allow their hard-earned money to go down the drain. We will take the strictest action against the developer in case it flouts laid down norms,” he told TOI.

    Jaypee had in April this year promised to deliver 32,000 units in the Wish Town project by 2020. Till now, possession has been given only to 6,500 homebuyers.

    In the wake of the development, Noida Authority is all set to build pressure on defaulting builders of group housing projects in the city.

    Officials said the Authority would soon send pay-up notices to builders of 94 projects in the city for defaulting in payments due in lieu of land allotted to them for construction of group housing societies. The dues are to the tune of Rs 11,000 crore.

    They said defaulters would be given 15 to 30 days to clear their dues, failing which their lease deeds could be cancelled. “We will soon announce a workable schedule and payment plan for the defaulters so that they can start clearing their dues,” AK Rai, additional CEO (ACEO), Noida Authority, told TOI.

    “However, Jaypee does not owe anything to the Authority as the land for its Wish Town project was given free as per the Memorandum of Understanding for construction of the Yamuna e-way,” the CEO said.

    In a related development, Noida Authority has sought permission from the state government to take over unsold residential units in half-a-dozen projects of Amrapali group. The aim is to use the proceeds from the sale of this unsold inventory to help thousands of homebuyers get possession of their homes.

    Amrapali group owes the Authority over Rs 1,200 crore and has to deliver nearly 30,000 residential units to home buyers. Letters have been written to the UP principal secretary (industries) Alok Sinha. Once a nod is received from the state government, the Authority will work out a detailed plan for the same. The same plan can then also be implemented in other defaulter cases, said officials.









    http://realty.economictimes.indiatimes.com/news/residential/jaypee-insolvancy-case-noida-authority-to-secure-wish-town-home-buyers-interest/60029535

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  • Originally Posted by Grenoite



    Sirji, please allow TRUENITY sir to post again, maybe he break some rule, but sir he was only person who post very true picture, in this time of confusion i think he is best person to post, as he bring many correct story everytime

    TRUENITY sir, if you read this, please sir, you have best knowledge but i humble request, donot make fight or get into bad discussion, it solve no purpose, You have Top knowledge everyone knows, but your writing style make only neutral. Facts always show true when time pass,

    PLease manoj sir, you can warn him but bring him back, thank you sirji


    His suspension was over some time back . He seems to have chosen not to post on the current developments . There are no restrictions on him to post from about a week back .
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    • Magadh_Pride9 months ago
      Must have made another ID and continued posting his baseless posts
  • NCLT Bankruptcy proceedings are WRONG approach to solve JP situation. Of course JP is Bankrupt but before talking about any kind of revival plan or liquidation. The BIGGEST question is how did JP Fail? JP management as well as Govt Babus should be put to investigation for their criminal malpractice and fraud. Where did all the bank loans go? Where did all the home buyers money go? Why JP didn't built homes even when they had all the money to build it? Where did the funds go? Where were they siphoned off? Who were the people involved in all the wrong and illegal decisions that sunk JP?

    Govt is covering up all these critical questions by simply putting JP through Bankruptcy. JP management, Govt officials, Bank CEOs who were responsible for huge criminality behind the collapse of JP are let off. Now home buyers are thrown under the bus to cover for incompetence and corruption of JP as well as Govt.



    Things JP buyers needs to do.


    1. Become a party in NCLT proceedings. Technically and legally, home buyers have no stake in these proceedings. BUT PRACTICALLY, they have the greatest stake in these proceedings. For Banks, JP represents some red ink on their balance sheets. But for JP buyers, their LIFE savings are put into their home purchase. All JP buyer associations should join and raise claim in NCLT. They must claim for guarantees for completion of their homes.

    Its likely that home buyer will be given zero or very little claim in NCLT. If NCLT proceeds without giving justified claim to home buyers, home buyers should approach Supreme Court and halt the proceedings of JP Bankruptcy in NCLT. Home buyers should petition SC to get their justified claim to safeguard their interest in Wish Town. This is one of a kind case. Whereas creditors legally have the greatest stake in JP liquidation. But can 30000 home buyers simply thrown under the bus in name of cleaning balance sheets? NCLT has to show some maturity in this case. If they don't, SC must do it.

    2. JP home buyers should prepare massive Dharnas. Protest against JP as well as UP Govt. Buyers association must become very ACTIVE now. Organize protests regularly. Get news media attention. Also must meet UP CM Yoginath. Explain him how interest of 30000 home buyers are at risk who have invested their life savings.

    3. JP End users presently staying in WT should join hands and elect an RWA. Prepare for contingency plans for future of maintenance and welfare of society. Raise funds for joint legal defense and other sorts things for welfare of buyers.

    4. Must be vigilant of people who are deceiving you - JP management, JP brokers, some JP investors etc. They have been spreading misinformation about JP since last several years. They talked about JP's turnaround plans. They assured you that JP's future is secure so buy JP stocks and WT property. Now they are nowhere to be seen. But they will be back soon spreading more disinfo.


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    • rajan6409 months ago
      @Vaiba, How this is realted to thread topic?
      Do not bring in non-related political issues in discussion.
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    • M Sinha9 months ago
      besides this is i think an old one.
  • heard that some buyers are sitting on hunger strike at jp office.
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  • Originally Posted by Grenoite



    Sirji, please allow TRUENITY sir to post again, maybe he break some rule, but sir he was only person who post very true picture, in this time of confusion i think he is best person to post, as he bring many correct story everytime

    TRUENITY sir, if you read this, please sir, you have best knowledge but i humble request, donot make fight or get into bad discussion, it solve no purpose, You have Top knowledge everyone knows, but your writing style make only neutral. Facts always show true when time pass,

    PLease manoj sir, you can warn him but bring him back, thank you sirji


    Hello ,
    Yes Truenity Sir had called the JP;s "bluff " correctly .He should continue to guide gullible customers .
    @Truenity , please comeback.

    Thanks
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  • Originally Posted by shikha6410
    Hi,

    Can someone pls tell is Kasa Isles under JIL or JAL???And will JAL projects shall also have to file claims or get affected with insolvency?


    AFAIK, Only the first 3 projects launched were under JP Associates- Pavilion Court, Kalypso Court and Imperial Court.

    Rest under JIL
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    • mrgup129 months ago
      I have a flat in Pavillion heights 4 and it is also with JP associates. Does this come under the NCLT proceedings?