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Jaypee Greens Wishtown, Noida

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Jaypee Greens Wishtown, Noida

Last updated: 12 hours ago
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  • Re : Jaypee Greens Wishtown, Noida

    Originally posted by disposition View Post
    Full disclosure: I own a property in JP.

    I still rate the entire project to be in critical danger.

    I like enthusiasm of a few members. I've supported JP WT for years in the past. But fact is that it would be wholly incorrect for anyone to say that the situation has changed drastically. Whoever says that pressure from buyers must continue is doing US a favor. It is a HUGE project which is still YEARS from delivery. JP is still a BIG defaulter & a big risk factor. Don't let anyone fool you otherwise.

    We've put our sweat & blood into these properties & we cannot let a board run by incompetent businessmen - who got to their positions because of nepotism & not experience or qualifications - run our earnings & dreams into a sinkhole.

    Some minor battles may have been won, but prospects of the war remain bleak.

    If after 10 years of wait, JP puts labor on the field or pays some defaulted overdue installments/ payments - it does not make this mammoth defaulter of an enterprise a saint.
    We need to keep the pressure on.

    What is the point of expensive properties if towers in the neighbourhood are unfinished & ghostly?
    What's the point of a Golf Course where club-house / premier towers have been under construction for eternity & will remain God knows for how long?


    They took our money, blew it up. And are now struggling to fund construction. Compared to a multi-billion dollar enterprise, we as individuals are small fry. We need AT LEAST a good 2 years of solid & steady work to regain any sort of faith that WT will actually emerge anywhere close to what we were told.

    Don't be fooled by anything else. The proof is in the pudding. Those who've been invested in JP for 10 years have seen how badly the investments have fared. All through this, we've been sold on the idea that 'NOW things will change for the better'. No. Things will get better when we see WT close to being finished - and even with full labour and effort that is 5-10 years away.

    I regret not having invested in adjoining areas where returns in the same period have been nearly TWICE of WT.

    Fool me once, shame on you. Fool me twice, shame on me.
    I am also an end user and completely agree with this view. All of the recent press cannot hide the farce they are running. I can relate to the plight of those who believe everything has changed for better. That is not the reality however. I visited PH4 again last weekend and saw v slow progress.

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    • Re : Jaypee Greens Wishtown, Noida

      Here is the truth from the horse's mouth. Shows the complete incompetence of the company that they were not even aware about a bankruptcy petition being filed against them.

      http://corporates.bseindia.com/xml-d...7AC_144403.pdf

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      • Re : Jaypee Greens Wishtown, Noida

        http://economictimes.indiatimes.com/...w/59789604.cms

        Comment


        • Re : Jaypee Greens Wishtown, Noida

          http://www.moneycontrol.com/news/bus...37397.html/amp

          I don't get why the first charge is with the YEIDA (I thought the lender will have the first charge over liquidated asset value; buyers are not in the picture in any case):

          "Buyers in Jaypee’s properties are a scared lot because if the assets are liquidated, the first right over the land on which Jaypee Wish Town is coming up would go to Yamuna Expressway Industrial Development Area."

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          • Re : Jaypee Greens Wishtown, Noida

            Jaypee is just a leasse, not the owner. If it doesn't clear any defaults on the terms of the lease, like extra compensation to farmers, the owner of the land can revoke the lease agreement before the scheduled 90 years.

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            • Re : Jaypee Greens Wishtown, Noida

              It is in the first page of the concessionaire agreement - in case of any defaults or liquidation, first charge is with YEIDA

              same thing has happened with Unitech golf course project. When Unitech (who had taken loan from LIC against mortgaging underlying land) defaulted, LIC said OK, we will take over the land. Noida authority said no no no.. It belongs us chaps, not you. That issue has quickly died Down since

              In this scenario I'll almost bet That no liquidation is even possible with banks.

              Everyone Will work toward an amicable settlement

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              • Re : Jaypee Greens Wishtown, Noida

                Banks will have An OVERWHELMING need to complete wishtown - neither is the land theirs to dispose off, Nor will they get half the consumer loans back if wishtown is not completed

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                • Re : Jaypee Greens Wishtown, Noida

                  Yes, the banks didn't want to push JP into bankruptcy because the liquidation value of the company's assets is less than the money owed to banks. However , RBI has now given them the danda and they have no option but to go along. Once the case is admitted into NCLT, it will proceed to the liquidation phase , essentially on autopilot.

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                  • Re : Jaypee Greens Wishtown, Noida

                    http://m.economictimes.com/news/poli...w/59789604.cms

                    If rbi is the only authority and its directives are all powerful, what happened here?
                    a cat not able to catch mice will scratch the pillar in frustration

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                    • Re : Jaypee Greens Wishtown, Noida

                      So far the cost of flat include taxes like Excise, VAT, Entry , Service tax etc roughly about 25% and padded on to buyers by builders.

                      Out of above only Service Tax abot 6% was visible in cost of flats.

                      Now under GST , Gov't has imposed 12% tax which will be offsetted by input credit available (25%)

                      But overflow of input credit (25%-12%=13%) is disallowed to builders.

                      It means this 12% should not be charged from buyers.

                      It literally means cost of property should be less at least 6.5% to the tune of service tax chargable

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