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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

    1) The provisions of the Bill will be applicable on both the existing projects as well as projects in which sales are in progress.

    2) The promoters will be subject to imprisonment for up to 3 years and real estate agents for up to one year or monetary penalties or both in case they fail to adhere to the orders of appellate tribunals.

    3) It requires real estate developers to deposit 70 per cent of the project cost in a separate account for timely completion of the project.

    4) The developer will be liable to pay interest at the same rate in case of delay in possession as it is charging from the buyer in case of delayed payment.

    5) A provision for insurance of the land tittle has to be made for avoiding loss for both buyers and developers in case of dispute in land title.

    6) Buyers will have to take the possession of the house in two months after they receive the occupancy certificate to avoid delay in registration. A delay in registration hurts revenues of the state in the form of stamp duties and other charges.

    7) Developers can't sell property on the basis of super area (flat area plus common area). They will have to clearly define the carpet area that includes space like kitchen and toilets. The parking will have to be sold separately.

    8 Formation of allottees associations has been made mandatory within three months of allotment of majority of units in a project so buyers get to manage facilities like common hall, club house, and reading room.

    9) A real estate regulatory authority has to be set up in states/union territories to regulate property transactions. It is applicable both for commercial and residential real estate projects. Projects of 500 square metres area or 8 flats will have to be registered with the regulatory authority. The regulatory authority will be allowed to grade projects along with the promoters to enable consumers to make a more informed decision.

    10) Apart from the regulatory bodies at state level, buyer will have access to 644 consumer courts at district level for quick redressal. Appellate tribunals will have to adjudicate cases in 60 days and regulatory authorities have to dispose of complaints in 60 days.

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    • Re : Jaypee Greens Wishtown, Noida

      Big cheer for homebuyers! Rajya Sabha passes Real Estate Bill


      NEW DELHI: The Rajya Sabha on Thursday passed a bill to regulate the real estate sector, protect home buyers and curb undeclared "black money" in property markets that costs billions of dollars in lost taxable income. 

      During recent years sluggish economic growth and delays in getting approvals stalled several real estate projects, leaving buyers waiting for their homes and developers holding high debt.

      The new law is expected to benefit developers such as DLF Ltd, Oberoi Realty, Sobha Ltd and Godrej Properties. It is also likely to help PM Narendra Modi achieve his election promise of providing housing for all by 2022. 

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      • Re : Jaypee Greens Wishtown, Noida

        Any idea how this will affect JP ? JP does not have the cash to put into separate project-specific/escrow accounts or to pay interest at 18% instead of 1%. Will this just accelerate JP' bankruptcy ?

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        • Re : Jaypee Greens Wishtown, Noida

          Why asking people here...Your are the expert ...you are the in-charge...you have the assumptions ...you should have the idea... Speak out your negativity... We won't mind...

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          • Re : Jaypee Greens Wishtown, Noida

            I am not an expert in most things and don't have any shame in admitting that. I have absolutely no idea about how RE bill is proposed to be implemented for existing projects and don't have the time to read the bill.

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            • Re : Jaypee Greens Wishtown, Noida

              kp1plotbuy; how can all these be applied to existing projects. Also by including such some projects in the RE bill, the regulator will be swamped with cases, just like our courts.

              I will it is all a hogwash
              Last edited March 10 2016, 05:44 PM. Reason: User tagging.

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              • Re : Jaypee Greens Wishtown, Noida

                Jollygood Sir, You can go through the following link where I took the extract, I am seriously not an expert and a normal investor / homebuyer and as per someone I am restricted to see only how JP waters Wishtown and Golf course... I am sure you guys would be able to analyze and give valuable input on the bill... One thing is for sure...the homebuyers sentiments and RE is going to pick & improve with this...

                http://m.ndtv.com/profit/how-home-bu...-facts-1253301

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                • Re : Jaypee Greens Wishtown, Noida

                  Originally posted by pkgandhi View Post
                  Any idea how this will affect JP ? JP does not have the cash to put into separate project-specific/escrow accounts or to pay interest at 18% instead of 1%. Will this just accelerate JP' bankruptcy ?
                  Eskrow account rule only applicable on new projects.

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                  • Re : Jaypee Greens Wishtown, Noida

                    I think it will be fun to follow the development on this. Doubt it will be only hogwash - a number of Regulators - SEBI, IRDA have done a pretty great job.

                    They have now about a year to implement this - I am sure some formula (in terms of how much needs to be put in the escrow - based on stage of construction) will be worked out (along with how and when can the 70% be used)

                    That is the only issue on existing projects - the remaining provisions - they have to put approvals on the website, layout etc and are liable to punitive action in case of delays should all still be applicable seamlessly.

                    Courts are hardly inundated with irate customers - so afraid are we on the legal process. I think not more than 20-25 cases may exist from the Noida belt in consumer court even.

                    One thing is for certain - we will see a whole lot less new launches. It's just not in the DNA for builders to deliver.

                    Also would DDA/NA etc be considered developers - their offerings and deliveries are probably worse than any builder

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                    • Re : Jaypee Greens Wishtown, Noida

                      Originally posted by kp1plotbuy View Post
                      Jollygood Sir, You can go through the following link where I took the extract, I am seriously not an expert and a normal investor / homebuyer and as per someone I am restricted to see only how JP waters Wishtown and Golf course... I am sure you guys would be able to analyze and give valuable input on the bill... One thing is for sure...the homebuyers sentiments and RE is going to pick & improve with this...

                      How Home Buyers Will Benefit from Real Estate Bill: 10 Facts - NDTV.com
                      Thanks for sharing I was only wondering aloud how they could implement this for projects that are in different stages of completion. Who will ensure that 70% will be deposited in escrow when it is not clear how much is already spent on construction. For part delivered projects the builder paid a delay fine of Rs 5 psf and now to pay * 18%. Will the earlier ones not go to court. Also by including 500 sqft size the regulator will be swamped with cases. What happens if builder just abandons the project.
                      Also my post was of a general nature not related to JP at all. So I am not sure why you refer to watering of JP GC.

                      Infact if you see my posts they are quote balanced, but some people jump in to defend everything. I am equally concerned with 3C. In end it is buyers like us who are losing so we need a collective front. Just for argument sake even if JP delivers everything and there are multitude of projects within WT belonging to different developers who ensures the common area is maintained and what amount to be charged for it. A luxury apt owner would be ready to shell out 5 psf only for the common area maintenance but a MIG unit may find even RS 2 very steep . I am referring to areas outside the gated walls of each project. Pls do think about it.

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