Announcement

Collapse
No announcement yet.

Jaypee Greens Wishtown, Noida

Collapse
X
Collapse

Jaypee Greens Wishtown, Noida

Last updated: August 17 2020
8876 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Jaypee Greens Wishtown, Noida

    Jaypee Greens which is the real estate company under Jaypee Associates is different from Jaypee Infratech . Wishtown comes under Jaypee Greens . Am i missing something

    http://www.jalindia.com/index.html

    Comment


    • jpkrak
      jpkrak commented
      Editing a comment
      The following projects within Wish Town are under Jaypee Infratech: Klassic, Kosmos and Kensington Park. These 3 projects will be affected by the insolvency if the situation doesn't change in 180-270 days. However, should double check with JAL just in case. Also, best to talk to an advocate at allahabad high court as well. Particularly the one representing home owners in the case.

  • Re : Jaypee Greens Wishtown, Noida

    Originally posted by vimalluthra View Post
    Jaypee Greens which is the real estate company under Jaypee Associates is different from Jaypee Infratech . Wishtown comes under Jaypee Greens . Am i missing something

    http://www.jalindia.com/index.html
    The following projects within Wish Town are under Jaypee Infratech: Klassic, Kosmos and Kensington Park. These 3 projects will be affected by this insolvency if situation doesn't change in 180-270 days. But best to double check with JAL as well. I am trying to get in touch with them.
    Last edited August 11 2017, 02:54 PM.

    Comment


  • Re : Jaypee Greens Wishtown, Noida

    Originally posted by jpkrak View Post

    The following projects within Wish Town are under Jaypee Infratech: Klassic, Kosmos and Kensington Park. These 3 projects will be affected by this insolvency if situation doesn't change in 180-270 days. But best to double check with JAL as well. I am trying to get in touch with them.
    Where to find this information. Just for my knowledge

    Comment


    • jpkrak
      jpkrak commented
      Editing a comment
      http://www.jaypeeinfratech.com/restate.html

      Mentions the 3 projects clearly and says the rest in wish town are being developed by JAL. I am trying to double check with JAL and outside sources. Can't trust anything from Jaypee at this point.

    • vimalluthra
      vimalluthra commented
      Editing a comment
      Thanks . Please do update the forum .

  • Re : Jaypee Greens Wishtown, Noida

    http://www.jaypeeinfratech.com/restate.html

    This link shows what is under jaypee infratech.(JIL). Other projects are under JAL(Jaypee Associates Limited).

    Comment


    • Re : Jaypee Greens Wishtown, Noida

      Originally posted by rajeevsingh View Post
      http://www.jaypeeinfratech.com/restate.html

      This link shows what is under jaypee infratech.(JIL). Other projects are under JAL(Jaypee Associates Limited).
      Thanks . Seems a very old Page . Kosmos promised 2012 delivery . What a Shame ! My flat under JIL . Disgusting !!!!!

      Comment


      • Re : Jaypee Greens Wishtown, Noida

        ET Realty




        Jaypee buyers anxious over company insolvency proceedings
        The projects, already delayed by four years, include Kensington Boulevard, Aman, Kassia, Kalypso, Klassic, Krescent and Cosmos

        Sharmila Bhowmick | TNN | August 11, 2017, 12:30 IST

        NOIDA: Jaypee Wishtown homebuyers have pushed the panic button with the company presently listed for insolvency hearing at the Allahabad bench of the National Company Law Tribunal. The buyers have started a social media campaign on micro-blogging site, Twitter with hashtag, Jaypeescam where the buyers are upholding the plight of the buyers invested in Jaypee projects. The wishtown buyers also mentioned that they may organize protests further to this to get the attention of the government on their issue.

        “We are aware of the listing of Jaypee group at the Allahabad bench of the National Company Law tribunal where IDBI’s plea against Jaypee Infratech as an insolvent company is being heard. We have heard that the Tribunal will now appoint an insolvency resolution professional. While there are nine months’ time for the finance professional to turn the project around, we wonder what will be the impact on the buyers once the company is declared insolvent,” Pramod Kumar, a member of Jaypee Wishtown buyer’s group, said.

        “With primary information on the proceedings, we have learnt that if turn around does not happen, there will be no option but to liquidate the company, leaving the buyers of the company’s under-construction properties with little choice. This also means that all the cases against the builder made by buyers of various projects would become null. What justice will the buyers get?” Kumar asked.

        The projects, already delayed by four years, include Kensington Boulevard, Aman, Kassia, Kalypso, Klassic, Krescent and Cosmos. Jaypee Infratech had proposed to build 32,000 flats, excluding some plot properties, across various projects in the Wish Town project along Yamuna Expressway. Flats, penthouses, villas and plots were all part of these projects.

        “We need some clarity on the legal ramifications of the situation on the buyers. Will the buyers finally get their houses finally no matter which way the insolvency case swings? Will our interests be protected? We will once again take to protests so that our queries are answered” Kumar further said. Calls made to Jaypee top management seeking comment on the issue, went unanswered.


        URL: http://realty.economictimes.indiatim...dings/60014943

        Comment


        • M Sinha
          M Sinha commented
          Editing a comment
          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.
          Last edited August 15 2017, 01:53 AM. Reason: personal information

      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by vimalluthra View Post

        Thanks . Seems a very old Page . Kosmos promised 2012 delivery . What a Shame ! My flat under JIL . Disgusting !!!!!
        You will have to file a claim with NCLT Allahabad before August 24th. I am trying to find out the process for it as it is not very clear. But first step could be to get in touch with Mr. Vikram D Chauhan who is the advocate at allahabad high court representing homeowners association. I have been only able to find 2 contact numbers but no answer so far, maybe you will have better luck: +(91)-532-2466506, +(91)-9415215953. Good luck and keep us updated.

        Comment


        • Re : Jaypee Greens Wishtown, Noida

          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.

          Comment


          • Re : Jaypee Greens Wishtown, Noida

            I heard that Investors Clinic is helping in transferring your Property from JP to other project like Supertech, Home and Soul, Ace etc.

            Comment


            • devendra.k
              devendra.k commented
              Editing a comment
              How they will transfer?
              who will buy in Jaypee in current situation ?

          • Re : Jaypee Greens Wishtown, Noida

            The National Company Law Tribunal (NCLT) appointed an insolvency professional on Thursday for Jaypee Infratech, providing thousands of buyers in Jaypee projects two weeks to raise claims related to their flats or plots as part of a court-driven attempt to put in place a revival plan for the developer's much-delayed housing schemes in a maximum 270 days. Sources told TOI the insolvency professional will invite claims either over the weekend or on Monday as the law requires that claims be invited in prescribed forms within three days of NCLT's order.

            Flat buyers, as well as banks which have given them home loans, along with other lenders, creditors, vendors and employees will get time till August 24 to make their claims.

            This is being seen as a test case for the real estate sector and millions of home buyers who have invested their life savings for their dream homes. The introduction of Rera and the insolvency code has brought hope for buyers who have not been handed over apartments even after a decade.

            Among Jaypee's pending projects is the 800-acre Wish Town in Noida's Sector 128, which has 32,000 apartments. Of these, just 5,500 have been delivered. Jaypee has promised to complete another 6,000 flats by March 2018, 8,000 more in 2018-19 and the remaining by 2020. Jaypee did not respond to calls for its reaction to the development.

            NCLT has appointed Anuj Jain as CEO of the company. Jain will have six months to revive the company, which can be extended for three months. But after that, assets will have to be sold to recover banks' money. Jaypee Infratech is among the dozen companies identified by the Reserve Bank of India for a fast-track resolution through the new insolvency and bankruptcy code.

            The company has a total debt of around Rs 8,000 crore. A banker said the company has four parcels of around 1200 acres each on Yamuna Expressway, besides land on the Noida-Greater Noida Expressway. But owing to poor market sentiment, it cannot monetise the land parcel by selling it. At the same time, banks are not ready to accept land against dues.

            Projects on around 300 acres in sector 128 of Wish Town are being developed by Jaiprakash Associates Ltd (JAL). A company source said JAL is trying to complete the part of Wish Town which is being developed by it. The companies that have been put on RBI's list are seen to be those that have so far failed to deliver on their promise to clear dues to banks. Jaypee has sold several assets, including its cement and power business, to reduce its massive pile of loans and raise funds to complete the long held-up real estate projects. While the law allows for liquidation if no plan is worked out within 270 days (including a 90-day extension), a banker said the idea is to try and revive the projects since a real estate scheme with thousands of homebuyers cannot be treated in the same manner as a steel or a power plant. Recommended By Colombia



            While a committee of creditors will collate the claims of lenders to Jaypee Infratech, it will also undertake a valuation of assets and liabilities of the company, including those of its subsidiaries.


            "It is possible that in one tower there are unsold flats, and some where part payment has been received. It makes the task a little complicated. The insolvency professional will have to undertake a projectwise exercise and then consolidate it," explained a source.

            Unlike the past, when Jaypee told flat buyers that it is tying up funds, it will have to not just put down its intent during the tribunal-driven exercise but also come up with comfort and sanction letters from banks, and reveal all funding sources.

            In the worst case scenario of liquidation of the company , the interest of flat buyers will come after that of the banks, which have extended loans to the company.

            http://timesofindia.indiatimes.com/b...w/60013164.cms

            Comment


            • M Sinha
              M Sinha commented
              Editing a comment
              please lets 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. also read this
              http://economictimes.indiatimes.com/...w/54034951.cms
              we should challenge the insolvency itself
              Last edited August 15 2017, 01:52 AM. Reason: personal information
          Tags: None
          Have any questions or thoughts about this?
          Working...
          X