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 raabta


    Majority of buyers in JP (or any north India market) are investors.

    Apart from that... registry requires you to pay pending amount (final demand) as well as the registry amount.

    This is significant (should be around 10L+ for most). Banks are not financing anymore.


    They are not necessarily investors. Many of them are end users but have now realized that concept of WT is a total failure as there are little prospects of materialization of whole township. There will be incomplete projects and disputes for many years to come. Hence many end users now want to exit. Hence they are avoiding registry which comes at a very heavy cost. But selling their WT property is very difficult task given the whole negativity around the situation. Also many buyers are simply BROKE. 10L extra registry cost is too much to bear given the fact that many of home buyers are already suffering from burdens of EMIs and huge rental spending due to long delays over last 3-4 years. Now these people are stuck where they can't extract any meaningful returns on their property.
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  • RBI has now ended its various programs for Debt restructuring. RBI itself was also responsible for creating huge NPAs. These XYZ Debt restructuring schemes were actually evergreening of bad loans. Of course these Debt restructuring plans were actually policy of Political Govt to protect many defaulters. RBI is now just another institution that has no independence and credibility. Some fool thinks RBI doing patriotic duty to save taxpayer money.

    https://timesofindia.indiatimes.com/business/india-business/rbi-junks-all-old-debt-restructuring-schemes/articleshow/62892594.cms

    The situation with India's banking sector is very serious. Only solution is a technocratic Govt super committee that will address these problems on war footing. Some Assets needs to be nationalized. Many needs to be auctioned and privatized. Many defaulters have to be criminally prosecuted. And all this has to be done within weeks and months. Not in years of court battles of our Judicial system which is like a dead tortoise.
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  • Originally Posted by Bharatiya
    RBI has now ended its various programs for Debt restructuring. RBI itself was also responsible for creating huge NPAs. These XYZ Debt restructuring schemes were actually evergreening of bad loans. Of course these Debt restructuring plans were actually policy of Political Govt to protect many defaulters. RBI is now just another institution that has no independence and credibility. Some fool thinks RBI doing patriotic duty to save taxpayer money.

    https://timesofindia.indiatimes.com/business/india-business/rbi-junks-all-old-debt-restructuring-schemes/articleshow/62892594.cms

    The situation with India's banking sector is very serious. Only solution is a technocratic Govt super committee that will address these problems on war footing. Some Assets needs to be nationalized. Many needs to be auctioned and privatized. Many defaulters have to be criminally prosecuted. And all this has to be done within weeks and months. Not in years of court battles of our Judicial system which is like a dead tortoise.



    Agree. This is India's own sub-prime crisis in which banks are fully complicit.
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  • This govt is only fit for blaming others but not for fixing anything.
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  • We have been socialist too long and have nurtured a politician-industrialist nexus for too long. BJP is trying first time to clean this mess and I have a lot of respect for them to initiate something that has been delayed at least by 30 years. Not many of you have seen the license raj times of congress.

    Its a myth that NPAs were 5% 10 years ago. They have always been very high. Just ask any banking executive. They were just not classified as NPAs.

    Ita a good sign that Anil Ambani has to sell his companies for paying his debt and when Mallayas Goa villa was put on block for sale. I am sure a lot of other banking scams will show up in future.

    A start has been made. it wont be perfect and it wil need patience. Cancers are not cured in a day. The diagnosis itself shocks people into disbelief. A lot of corrections and adjustments are needed in the treatment. We are just starting on something similar for our economy. We need to have an appreciation for that.

    we shoud go back to the topic of this thread.
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  • Originally Posted by ahirman
    We have been socialist too long and have nurtured a politician-industrialist nexus for too long. BJP is trying first time to clean this mess and I have a lot of respect for them to initiate something that has been delayed at least by 30 years. Not many of you have seen the license raj times of congress.

    Its a myth that NPAs were 5% 10 years ago. They have always been very high. Just ask any banking executive. They were just not classified as NPAs.

    Ita a good sign that Anil Ambani has to sell his companies for paying his debt and when Mallayas Goa villa was put on block for sale. I am sure a lot of other banking scams will show up in future.

    A start has been made. it wont be perfect and it wil need patience. Cancers are not cured in a day. The diagnosis itself shocks people into disbelief. A lot of corrections and adjustments are needed in the treatment. We are just starting on something similar for our economy. We need to have an appreciation for that.

    we shoud go back to the topic of this thread.


    hello ahirman Bhai,
    Could not agree more with you on this .
    On the JP topic, why JP home buyers are not insisting on refund and buying RTM elsewhere ( at this juncture , this seems to be a better alternative)

    regards
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    1 Comments
    • raabta1 years ago
      Refund which is being offered is without any interest.
  • @raabta Bhai,
    As Supreme Court is hearing and handling this, so surely buyers will eventually get requisite interest. As the market is down, buyers should at least safeguard their "interest" by buying RTM houses in other sectors.Or maybe, they are once bitten, twice shy!
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    1 Comments
    • raabta1 years ago
      Unless the interest and money is given, how can you expect people to sell off and buy another one?
  • Even getting a "finished flat" is complicated in JP.

    A friend got possession of his flat in JP. OC was delayed, registry was delayed....the list goes on.

    The final finishing is still not finished after 6 months.

    The JP employees/engineers on site are corrupt, they are accepting shoddy and lackluster work done by contractors and pressurizing the customer to accept the flat.

    Examples :

    The locks are made by "reputed" brand - Garg locks. - All locks can be opened with the same key.
    The bathroom taps faucets are made by "aquasure"!!
    The apartments tiles are of different color...some old some new.
    Aluminum door locks are "not sanctioned"
    Bathroom tiles have wrong slope - water goes everywhere but the exits.
    Wooden flooring.....is so good that you would be surprised if it lasts 6 months.
    .
    .
    The list goes on.....


    This incidence comes from Jaypee Klassic. The tower engineer is making money from contractors by pushing shoddy finishing down customers throats.

    No wonder this company would go bankrupt.





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  • Originally Posted by raabta
    Even getting a "finished flat" is complicated in JP.

    A friend got possession of his flat in JP. OC was delayed, registry was delayed....the list goes on.

    The final finishing is still not finished after 6 months.

    The JP employees/engineers on site are corrupt, they are accepting shoddy and lackluster work done by contractors and pressurizing the customer to accept the flat.

    Examples :

    The locks are made by "reputed" brand - Garg locks. - All locks can be opened with the same key.
    The bathroom taps faucets are made by "aquasure"!!
    The apartments tiles are of different color...some old some new.
    Aluminum door locks are "not sanctioned"
    Bathroom tiles have wrong slope - water goes everywhere but the exits.
    Wooden flooring.....is so good that you would be surprised if it lasts 6 months.
    .
    .
    The list goes on.....


    This incidence comes from Jaypee Klassic. The tower engineer is making money from contractors by pushing shoddy finishing down customers throats.

    No wonder this company would go bankrupt.







    This is absolutely true. Though the possession is being given, but the quality is pathetic.
    The finishing work being done now is "bhagwaan bharose"
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  • The new name should be "Will Town"
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  • Rs 2,000 crore more needed to finish Jaypee Wishtown project in Noida Sudhir Valia's Suraksha group that has partnered Mumbai-based builder Dosti group has offered to commit around Rs 3,500 crore for completing the project that started nearly a decade agoSidhartha | TNN | Updated: April 13, 2018, 08:44 IST

    NEW DELHI: Suraksha and Dosti groups, which have emerged as the top contenders to take over ailing Jaypee Infratech, have estimated that nearly Rs 6,000 crore is required to complete work on 250 towers in Jaypee Wishtown. This translates into a funding requirement of Rs 2,000 crore after budgeting for nearly Rs 3,750 crore due from home buyers.

    The payment by home buyers will be linked to construction milestones. While Sudhir Valia's Suraksha group that has partnered Mumbai-based builder Dosti group has offered to commit around Rs 3,500 crore for completing the project that started nearly a decade ago, it is planning to put in place a panel of home buyers to monitor construction as part of a confidence-building exercise once it receives regulatory and legal clearances to take over the company that is facing bankruptcy proceedings, sources told TOI .

    "If needed the companies will offer more money to complete construction with focus being on building flats and villas that have already been sold," one of the sources privy to the discussions told TOI. Of the 31,000-odd units, nearly 29,000 have been sold with around 25,000 yet to be delivered. Around Rs 9,000 crore have already been invested in Jaypee Infratech, so far.

    The plan to put in place a committee is based on Suraksha Asset Reconstruction Company's experience with Unitech Resort Villa and Nirvana Country-2 in Gurgaon where it is completing work on delivering 600-700 of the undelivered units out of the 800 flats and villas and villas. The ARC, which received a licence from the RBI, has around Rs 4,000 crore of loans under management with 65-70% in the real estate sector and claims to be the fastest growing company in its business.

    While the Suraksha-Dosti combine is yet to get a formal offer from the lenders, banks led by IDBI Bank are holding exclusive talks with the duo to increase the bid value beyond the over Rs 7,000 crore offered so far. Lenders said that they will seek a better value from the bidder with a final decision only expected next week.

    The plan is to deploy around 15,000 workers for five years to complete the project. Sources said that Suraksha has indicated that completing construction in Wishtown in Noida and will take up to five years with delivery planned in a phased manner during this entire period. "Suraksha and Dosti have budgeted for a cushion of four-five months over and above the estimate given by CBRE (in November 2017)," said a source. Before Jaypee Infratech was referred to a bankruptcy court, the company had indicated that it will complete construction around March 2021.










    https://realty.economictimes.indiatimes.com/news/residential/rs-2000-crore-more-needed-to-finish-jaypee-wishtown-project-in-noida/63740694

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  • Suraksha and Dosti groups, which have emerged as the top contender to take over ailing Jaypee Infratech have estimated that nearly Rs 6,000 crore is required to complete work in 250 towers in Jaypee Wishtown with a funding requirement of Rs 2,000 crore after budgeting for nearly Rs 3,750 crore due from home buyers.


    The payment by home buyers will be linked to construction milestones. While Sudhir Valia’s Suraksha group that has partnered Mumbai-based builder Dosti group has offered to ..


    Read more at:
    //economictimes.indiatimes.com/articleshow/63742996.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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  • Only 18,000 units pending for construction at Wish Town: Jaypee Company sources claimed on Monday that of the completed apartments, 9,700 units have been offered for possessionSharmila Bhowmick | TNN | Updated: May 01, 2018, 08:30 IST

    NOIDA: The debt-ridden Jaiprakash Associates and Jaypee Infratech, the twin real estate companies based out of Noida’s Sector 128, have claimed that they have completed 13,800 units at its Wish Town project so far. The project originally has 32,000 units including plots.

    Company sources claimed on Monday that of the completed apartments, 9,700 units have been offered for possession. The documents for 4,100 units have already been sent to the Noida Authority to be processed for occupancy certificates, they said. The builder also claimed that it has now only 18,000 apartment units to complete, which it would deliver by 2021 as per the schedule submitted to Rera.

    With a hearing in progress at the Supreme Court, Jaypee has so far submitted Rs 650 crore with the treasury of the court and another Rs 100 crore are expected to be submitted by May 10. As per the conclusion of the resolution, the builder now owes Rs 13,500 crore to those buyers who are seeking refund. More than 92% buyers have, however, demanded that they be given flats. As per company sources, among the bidders who had come forward to infuse funds for the completion of the project and pay bank debts, Lakshdweep Pvt Ltd, a Mumbai-based builder, seems a front-runner with an offering of Rs 7,350 crore.
    With the company looking at a liquidation process, the homebuyers on Monday demanded that the company focus fully on the completion and handover of flats and any funds which are infused be fixed in escrow accounts for tower-wise completion of the remaining flats.

    “More than the liability of the banks, the first responsibility that should be taken up at present is the pending apartments. The funds should be tied in watertight escrow accounts for tower-wise completion of the pending flats. The resolution procedure has not been done keeping the buyers’ interest as paramount, and we demand complete financial security of our investments,” Pramod Kumar, a buyer at Wish Town said.










    https://realty.economictimes.indiatimes.com/news/residential/only-18000-units-pending-for-construction-at-wish-town-jaypee/63980635
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  • Only 18000 :) Hahaha
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  • Getting a flat not end of problems at Wish Town https://www.nyoooz.com/news/noida/1101589/getting-a-flat-not-end-of-problems-at-wish-town/

    What a massive massive fraud !!
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