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Jaypee Greens Wishtown, Noida

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


    Jaypee asked to pay Rs 90 crore by April 15 or face cancellation of 1,000 hectare land

    Jaiprakash Associates (JAYPEE) paid Rs 10 crore against the dues and assured YEIDA to clear the remaining Rs 600 crore against the allotment of land on the Yamuna Expressway by August 31

    Prabhakar Sinha | TNN | April 13, 2017, 07:55 IST

    NEW DELHI: The Yamuna Expressway Industrial Development Authority (YEIDA) has asked Jaiprakash Associates (Jaypee) to pay Rs 90 crore - 15% of the total outstanding amount of Rs 600 crore - by April 15 or else face cancellation of the 1,000 hectare land on which the company has developed a sports city.

    On March 30, Jaiprakash Associates (JAYPEE) paid Rs 10 crore against the dues and assured YEIDA to clear the remaining Rs 600 crore against the allotment of land on the Yamuna Expressway by August 31. YEIDA CEO Arun Vir Singh said the authority has given a deadline of April 15 to pay at least 15% of the outstanding amount to reschedule the repayment. He said that if the company failed to pay the amount by April 15 dead line, the authority will be left with no choice but to cancel the allotment''. He said the part payment of Rs 10 crore will not help and the company will have to pay the rest of the amount also to re- schedule the repayment.

    Singh said the authority has sent similar letters to other defaulting developers also to pay the 15% of the outstanding to reschedule the payments of dues. The authority has a total of over Rs 800 crore in dues from other developers.

    He said the authority is rescheduling payments of developers with a condition that they would complete the construction works for the units they sold within the next one year. As most of the developers have launched projects around three years ago, they must complete them by 2018. The Jaypee management could not be contacted for their response.

    In a March 30 letter, executive chairman Manoj Gaur had said, "We are in the process of completing the cement transaction and we would like to assure you that this transaction may take another 4 months to get consummated.''

    "Therefore, we would like to seek your kind understanding and request you to give us time up to August 31 to make your all overdue payments,'' the letter said. He had said that the delay in the payment is largely due to the delay in securing approval to sell the cement plants of the company to Kumar Mangalam Birla owned UltraTech Cement Ltd (UTCL).

    In the letter Gaur said the approval to sell the cement plants for around Rs 16,000 to UltraTech could come in March 2017 from National Company Law Tribunal (NCLT).

    "Our transaction with UTCL would have been over by December 2016, if government of India had not changed the jurisdiction of hive off/ merger/demerger from High Courts to NCLT with effect from December 2016.'' He said this change in the jurisdiction of courts led to delay in securing approvals.

    Url: http://realty.economictimes.indiatim...-land/58157581

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    • Re : Jaypee Greens Wishtown, Noida

      I am a new member of this group. I have 2 -3 BHK flats in JP (KBA and GI) and paid almost all the money but still no work going on.

      I like to join an association which is relvant for this.

      Last edited April 13 2017, 03:28 PM. Reason: Personal Information

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      • tyagiuk
        tyagiuk commented
        Editing a comment
        My name is Dr Youva Raj Tyagi ...I live in Europe

    • Re : Jaypee Greens Wishtown, Noida

      Personal Information
      Do not post personal information, such as full names, email addresses, numbers, or home/business name/addresses on the forum. If you feel the need to disclose this information, do it in a private message. Posts containing personal information will be deleted. Revealing real world information about a member, administrator or moderator is STRICTLY PROHIBITED, regardless of the source, public or private. This includes any information about a forum member that reveals an individual's legal name, address, occupation or other sensitive or personally identifiable information.
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      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by Raojee View Post
        Jaypee asked to pay Rs 90 crore by April 15 or face cancellation of 1,000 hectare land

        Jaiprakash Associates (JAYPEE) paid Rs 10 crore against the dues and assured YEIDA to clear the remaining Rs 600 crore against the allotment of land on the Yamuna Expressway by August 31

        Prabhakar Sinha | TNN | April 13, 2017, 07:55 IST

        NEW DELHI: The Yamuna Expressway Industrial Development Authority (YEIDA) has asked Jaiprakash Associates (Jaypee) to pay Rs 90 crore - 15% of the total outstanding amount of Rs 600 crore - by April 15 or else face cancellation of the 1,000 hectare land on which the company has developed a sports city.

        On March 30, Jaiprakash Associates (JAYPEE) paid Rs 10 crore against the dues and assured YEIDA to clear the remaining Rs 600 crore against the allotment of land on the Yamuna Expressway by August 31. YEIDA CEO Arun Vir Singh said the authority has given a deadline of April 15 to pay at least 15% of the outstanding amount to reschedule the repayment. He said that if the company failed to pay the amount by April 15 dead line, the authority will be left with no choice but to cancel the allotment''. He said the part payment of Rs 10 crore will not help and the company will have to pay the rest of the amount also to re- schedule the repayment.

        Singh said the authority has sent similar letters to other defaulting developers also to pay the 15% of the outstanding to reschedule the payments of dues. The authority has a total of over Rs 800 crore in dues from other developers.

        He said the authority is rescheduling payments of developers with a condition that they would complete the construction works for the units they sold within the next one year. As most of the developers have launched projects around three years ago, they must complete them by 2018. The Jaypee management could not be contacted for their response.

        In a March 30 letter, executive chairman Manoj Gaur had said, "We are in the process of completing the cement transaction and we would like to assure you that this transaction may take another 4 months to get consummated.''

        "Therefore, we would like to seek your kind understanding and request you to give us time up to August 31 to make your all overdue payments,'' the letter said. He had said that the delay in the payment is largely due to the delay in securing approval to sell the cement plants of the company to Kumar Mangalam Birla owned UltraTech Cement Ltd (UTCL).

        In the letter Gaur said the approval to sell the cement plants for around Rs 16,000 to UltraTech could come in March 2017 from National Company Law Tribunal (NCLT).

        "Our transaction with UTCL would have been over by December 2016, if government of India had not changed the jurisdiction of hive off/ merger/demerger from High Courts to NCLT with effect from December 2016.'' He said this change in the jurisdiction of courts led to delay in securing approvals.

        Url: http://realty.economictimes.indiatim...-land/58157581
        Seems whatever little JP is able to secure to restart construction, wont be allowed by lenders ....
        First bankers and now even authority following the same path... will common home buyers become priority ever ?

        Comment


        • Re : Jaypee Greens Wishtown, Noida

          Angry Jaypee Wishtown home buyers' mob invades SSP headquarters, stages protest

          Refusing to leave the spot, the buyers continued their protest till last afternoon and demanded the police register FIRs against Jaypee GroupSharmila Bhowmick | TNN | April 16, 2017, 10:00 IST

          GREATER NOIDA: An angry mob of over 500 home buyers from various projects of Jaypee Group’s Wishtown Project at Sector 128 ventured right into the building of SSP Gautam Budh Nagar, Surajpur, Greater Noida and went on a day-long squat-down protest. The buyers were initially told by the police that a tripartite meeting with the builder would be organised today. To those buyers who went to the Surajpur headquarters, expecting to meet the builder, the police officers said that the meeting was scheduled for Monday April 17. Refusing to leave the spot, the buyers continued their protest till last afternoon and demanded the police register FIRs against Jaypee Group. Finally, after a day-long negotiation with the police, SP City, Dinesh Yadav finally agreed to register FIRs.

          “The issue is not directly a police matter and we tried to intervene between buyers and the builder, but if the buyers are keen on an FIR route, we will do that; so we are going to register all FIRs that come our way. After this an investigation will start,” SP City, Dinesh Yadav said. Talking to TOI on phone, Sameer Gaur, director Jaypee Infratech, said that the builder would come with some clarity about the Wishtown project next week.

          “We have been duped. We will still continue to raise our voice and protest. Today many of us had come with the hope for a meeting. This is a disappointment,” Peeyush Andlay, one of the buyers present at the protests said.

          “We are disappointed that despite giving us time for a meeting the SSP did not meet us nor was the meeting with the builder held today. If there was a meeting organized with the builder on Monday, we should have been properly communicated about it,” Julia Dutta, another buyer at the venue said.

          “We have been seeking a refund on our apartments. Whenever we go to the Jaypee office, people misbehave and once we were even pushed out. We are senior citizens and it is a huge struggle for us. We just want our money back now,” Ashok Prabhakar, another buyer present on location said. SSP Dharmendar Singh said, with the meeting scheduled for Monday, there was no reason to meet the buyers today and a focused discussion could not be organized with a crowd of hundreds of people.

          Priced between Rs 40 lakh and Rs 1 crore, Jaypee Wishtown has 35,000 apartments of which 5,000 have been so far given possession. Of these, 30,000 have not been delivered. Of the 25 apartment complexes at Wish Town, all construction is presently on a halt.

          The project had come to an absolute standstill during the NGT ruling imposing a construction stay within 10 kilometers of Okhla Bird Sanctuary. No construction resumed on the location even after the restriction was lifted by NGT by reducing the ambit of the eco-sensitive zone around the Okhla Bird Sanctuary. Most buyers have invested in these apartments from 2009-2011. The apartments were due for delivery after 36 months of booking. With most buyers having paid up over 90% of the project cost, the cash deposit in lieu of the 30,000 pending apartments is over Rs 200,000 crore.

          The 25 apartments at Wish Town in Sector 128 include Tiara Tower, Pavillion Court, Kasablanca Tower, Kristal Court, Boomerang Residencies, Garden Isles, Pebble Court, Jaypee Orchards, Crescent Homes, Jaypee Kube, Jaypee Knights Court, Jaypee Kasa Isles, Kensington Boulevard, Kensington Park, Jaypee Kosmos, Wish Town Klassic, Klassic Heights, Pavillion Heights, Jaypee Pavillion Court, Jaypee Kalypso Court, The Imperial Court, Kingswood Oriental Villa, Kensington Park Plot Phase I, Kensington Park Plot Phase II and Kallisto Town Homes.











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          • Re : Jaypee Greens Wishtown, Noida

            http://timesofindia.indiatimes.com/c...w/58231238.cms

            NOIDA: Jaypee on Monday claimed it will restart construction at its mammoth Wish Town project in Noida by next week as it has received Rs 1,800 crore in working capital from banks. Work on the project with some 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway had come to a standstill with Jaypee having handed over only 5,500 flats.

            But on Monday, Manoj Gaur, executive chairman of Jaiprakash Associates Ltd, assured agitating homebuyers that construction on 50 towers will begin by April 24, and on another 70 by April 29. There are 305 towers in Wish Town, 250 of which are incomplete. Jaypee said it will release the construction schedule of all the towers by April 29. Gaur said as the company received the approval to complete the sale of its cement plants for Rs 16,500 crore to Kumar Mangalam Birla group company, UltraTech Cement, banks have agreed to extend working capital of Rs 1,800 crore to the company.

            The working capital will help meet the immediate funding requirements to start construction, Gaur said. And once work starts, money from homebuyers will pour in as they are tied to a construction-linked building plan. The homebuyers' contribution still due is Rs 7,000 crore. At the same time, the amount required to complete the construction of all the projects is Rs 9,000 crore. The difference could be met from selling 1,500 unsold apartments and unsold commercial space.

            Around 27,000 buyers are agitating against the developers for the delay in giving possession of their promised flats. On Sunday, they even lodged an FIR against the builder. On Monday, they first met Gaur at a police station, a meeting facilitated by SP City, Noida, Dinesh Yadav. The meeting then shifted to the Jaypee office at Sector 128. Buyers are still sceptical about the promises made by the developers. A number them said the developers had made similar promises earlier too but did not keep them.

            However, Gaur said the company could not keep its promises in the past because of unforeseen circumstances.

            "Now as working capital has already been released by banks, we can say with confidence that we will be able to meet the new time-line of completing the project," Gaur said.

            He also asked buyers to form groups of 7-10 persons in each project to monitor the progress of construction. He said the company will soon update its websites and from June a mechanism will be in place that will regularly update the site with all the latest information on construction. The company will also inform all the buyers of the construction schedule of his apartment and respective project through email.

            The company has already delivered 5,500 apartments and 3,000 plots. By March 2018, the company claims it will deliver another 6,000 apartments. Gaur claimed in 2018-19, the company will deliver 8,000 apartments and the remaining ones by 2020.

            The company has so far launched 32,000 apartments out which 1,500 are unsold.

            Gaur hoped that with the start of construction, cash flow in the company will improve, which will help it to expedite completion of the flats. He hoped the sentiment in the real estate market will improve in the next one year. This will enable the company to monetise its unsold units and unused land.
            At present, he said his main priority was to complete the project so that everyone's interest is protected.

            But, if the company is asked to return money, he said, it would be very difficult to complete the project. Therefore, he said, returning money to a few buyers will affect the interest of a majority of customers.

            Comment


            • Re : Jaypee Greens Wishtown, Noida

              Very good news! Jaypee must deliver now.

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              • Re : Jaypee Greens Wishtown, Noida

                No no - this is bankrupt company - no hope of wishtown getting any money - this is last minute 'news' planted by desperate investors to keep the sentiment going till as long as they can....soon this will be ghostown, isnt it Truenity

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                • Re : Jaypee Greens Wishtown, Noida

                  I am an eternal optimist but take all commitments from JP management with a pinch of salt. I refuse to be convinced till I see work on the ground that too in 180 towers as promised by end of May. Also the claim about JP having received the money is not verified.

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                  • Re : Jaypee Greens Wishtown, Noida

                    If history is anything to go by, construction in JP has been in phases.... every construction phase is followed by a NULL construction phase.
                    I hope before the funds get dry again atleast 100 more towers get possession.
                    News is very good for projects / towers very near possession.

                    projects like orchards, krescent, kristal, kasablanca etc where structure is not complete are in hopeless situation.. buyers will be asked to pay more as per payment plan as the structure moves forward... but possession is still far off... they should either file case in ncrdc or move to ready possession units.
                    Last edited April 18 2017, 01:04 PM.

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