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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

    So you mean to say JP was not constructing the flat because uska mood nai tha . But now since Court has given its orders JP would behave like an obedient child and deliver everything on time .

    Good luck for that !! It will try every trick(read bankruptcy) to avoid penalty payment.

    Originally posted by kp1plotbuy View Post
    Indeed a good news.... PC flat owners will get compensation plus flat as well.... at the end there is no doubt now place will become habitable ...

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    • Re : Jaypee Greens Wishtown, Noida

      Originally posted by ramkbokaro View Post
      What is there to challenge? Jaypee will have to pay!!!

      Read the article. Its already mentioned. NCDRC ordered Unitech to pay 12% Penalty. But Unitech took stay order against NCDRC decision in SC. JP will do the same thing.

      Kalypso launched in 2007. Was supposed to be completed by 2011. Looking at present status, it won't be complete even by 2020. Most towers are still incomplete and JP's financial situation is bad.

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      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by Bharatiya View Post
        Read the article. Its already mentioned. NCDRC ordered Unitech to pay 12% Penalty. But Unitech took stay order against NCDRC decision in SC. JP will do the same thing.

        Kalypso launched in 2007. Was supposed to be completed by 2011. Looking at present status, it won't be complete even by 2020. Most towers are still incomplete and JP's financial situation is bad.


        But there has to be valid ground for stay, isn't? Honestly I didn't know unitech has took stay order ..I wonder based on what ground SC provided stay

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        • Re : Jaypee Greens Wishtown, Noida

          JP group story is fairly simple. They borrowed money from banks ( at around 10%) and effectively borrowed from contractors ( at 0%) and customers ( at rs 5/sqft). They gambled this borrowed money on the bet that Indian economy will grow at double digits, they and their political partners will be able to muscle development around Noida and property prices would zoom. I think they had honest intentions, but the gamble failed badly.

          Now the situation is such that everyone who lent to them wants their money/delivery of flats, but JP simply has run out of money and is not in a situation to fulfill their commitments to any of their stakeholders, not because they are cheats but simply because they have no cash ( money that has been taken out of the company by promoters through dividends etc. will not come back). Basically, the story can be summed up by the hindi proverb , "ek anaar sau bimaar". In this background, court awarding damages to customers makes JP's precarious situation even worse ( though I do congratulate in advance those who are actually able to receive these damages). This increases the likelihood that lenders will now force a bankruptcy sooner rather than later ( once bankruptcy is declared, claims of lenders will become senior-most in the resolution hierarchy).

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          • Re : Jaypee Greens Wishtown, Noida

            Advice for Jaypee protestors.....

            Dont waste your time protesting in areas where they dont even bother...choose your venues properly

            A businessman will ONLY listen once he feels his business is getting HIT...

            Target the venues where he is minting money ...and in projects where he used your money for his "DREAMS"

            Jaypee hospital
            Jaypee hotels
            Jaypee F1 tracks when an event taking place

            Use your strength wisely....no point protesting in a Nirman bhavan which he doesnt even own anymore...or some project site which looks like an abandoned city

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            • Re : Jaypee Greens Wishtown, Noida

              yes I like this zohaib2012; bhai, pls help buyers jinhe aapne 6 saal pehle JP ka maal becha tha?
              unhen aapne hi rasta dikhana hain?
              Last edited May 10 2016, 06:17 AM. Reason: Tagged a User

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              • Re : Jaypee Greens Wishtown, Noida

                Originally posted by ramkbokaro View Post
                What is there to challenge? Jaypee will have to pay!!!
                All NCRDC judgements can be challenged in SC, and the past precedence is that the courts grant relief. Pls see Unitech case. The battle is long and arduous, this is just the start.
                Last edited May 10 2016, 06:34 AM.

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                • Re : Jaypee Greens Wishtown, Noida

                  Originally posted by pkgandhi View Post
                  JP group story is fairly simple. They borrowed money from banks ( at around 10%) and effectively borrowed from contractors ( at 0%) and customers ( at rs 5/sqft). They gambled this borrowed money on the bet that Indian economy will grow at double digits, they and their political partners will be able to muscle development around Noida and property prices would zoom. I think they had honest intentions, but the gamble failed badly.

                  Now the situation is such that everyone who lent to them wants their money/delivery of flats, but JP simply has run out of money and is not in a situation to fulfill their commitments to any of their stakeholders, not because they are cheats but simply because they have no cash ( money that has been taken out of the company by promoters through dividends etc. will not come back). Basically, the story can be summed up by the hindi proverb , "ek anaar sau bimaar". In this background, court awarding damages to customers makes JP's precarious situation even worse ( though I do congratulate in advance those who are actually able to receive these damages). This increases the likelihood that lenders will now force a bankruptcy sooner rather than later ( once bankruptcy is declared, claims of lenders will become senior-most in the resolution hierarchy).
                  Well summarised, one key difference, the other builders used the money from the buyers to buy additional land banks and JP used the money in their businesses and to take out as dividends. Would be interesting to see the dividends paid by JP companies over the years. It is also possible the money was used to pay to shell and dummy companies for work done.

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                  • Re : Jaypee Greens Wishtown, Noida

                    Originally posted by ramkbokaro View Post
                    But there has to be valid ground for stay, isn't? Honestly I didn't know unitech has took stay order ..I wonder based on what ground SC provided stay
                    Although I am really happy with a 5 month judgement (especially in my own apartments) and it vindicates my stand in going to NCDRC - In my mind the Unitech case judgement at SC is really vital as it will set all kinds of precedents - basis which the entire canvas of Indian RE will be set.

                    Ground for stay is - NCDRC is acting beyond its ambit and acting on principles of 'fairness' rather than passing judgements on breach of contract. Builders POV is hey - we said we will pay late fee - so we will pay late fee. That's the builders POV - very unfortunately it must have some merit as the Unitech case is in SC for a year now.

                    NCDRC now has a lot of case references and judgements will be passed thick and fast - no worries there (unless SC revokes the decision)

                    The SC judgement now is key.

                    Anyone having some more insights to this aspect - please add in.

                    --
                    Ps someone had said even Lotus Boulevard group had won the case if anyone can confirm

                    Comment


                    • Re : Jaypee Greens Wishtown, Noida

                      Originally posted by zohaib2012 View Post
                      Advice for Jaypee protestors.....

                      Dont waste your time protesting in areas where they dont even bother...choose your venues properly

                      A businessman will ONLY listen once he feels his business is getting HIT...

                      Target the venues where he is minting money ...and in projects where he used your money for his "DREAMS"

                      Jaypee hospital
                      Jaypee hotels
                      Jaypee F1 tracks when an event taking place

                      Use your strength wisely....no point protesting in a Nirman bhavan which he doesnt even own anymore...or some project site which looks like an abandoned city
                      I think they protested outside the main campus (where S&M) sits and there are a lot of people about - they wanted to get the Gaurs to speak so not too many options for the protestors.

                      I def agree with you that the venue has to be chosen carefully and media coverage has to be there.

                      My viewpoint is that more stress has to be given to logging well researched cases in NCDRC
                      Last edited May 10 2016, 07:43 AM.

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