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Jaypee Greens Wishtown, Noida

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Jaypee Greens Wishtown, Noida

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  • Re : Jaypee Greens Wishtown, Noida

    Noida: Jaypee Aman buyers unable to do registry of flats

    The investment of around 30,000 homebuyers is stuck because of insolvency proceedings against Jaypee Infratech.

    noida Updated: Aug 15, 2017 23:14 IST

    Vinod Rajput
    Hindustan Times



    Hundreds of homebuyers assemble at Sector 15A park to protest against Jaypee Infratech on Tuesday. (Sunil Ghosh /HT Photo)
    After insolvency proceedings against the Jaypee Infratech began, homebuyers are unable to get registry executed in the Aman housing project and move into their ready flats.
    The Noida authority had in July issued occupancy certificates allowing possession and registry of 1,000 out of total 5,000 flats proposed in Aman housing project located in Sector 151 along the Noida Expressway. But due to the proceedings of insolvency, buyers are unable to move into the flats and transfer the ownership rights after executing the registry. To buyers’ dismay, neither the builder nor the Noida authority is coming forward to help them.
    “The Jaypee Group offered me possession of my flat on July 31 and demanded that the balance amount of Rs 2.75 lakh be paid in order to get the flat registry executed. Now after August 9, I contacted the Jaypee Group to get my property registered but nobody guided me on how to go forward,” said Vipin Kumar Sood, a buyer, who booked a 2BHK flat in 2009.
    “I called up on the contact number given, but nobody helped me. I’m at loss on what to do now,” he said.
    The Jaypee Group had in July obtained occupancy certificates from the Noida authority for six of the 26 towers in Jaypee Aman project.
    The remaining 20 towers are yet to be finished by the builder. The 1,000 homebuyers who got flats are unable to move into the completed towers as the Jaypee Infratech management has failed to get registry executed.
    “I want to clear my remaining dues and shift to the new flat. But neither the Noida authority nor Jaypee Infratech has any answer to my questions. The Noida authority and the builder has earlier claimed that our registry will not be affected. But now why they are not executing the registry,” said Rahul Kumar, another buyer.
    Noida authority chairman Alok Sinha, who is also the principal secretary UP industrial department, said there is no why registry should not be executed. “The registry should happen if the Jaypee Group does not have any financial dues payable to the Noida authority. The buyers should contact the Noida authority for help,” he said.
    The investment of around 30,000 homebuyers is stuck because of insolvency proceedings against Jaypee Infratech.
    No new purchases can happen nor buyers can sell, transfer or get possession of their ready-to-move-in or under-construction flats. Also, there will be a status quo on the execution of registry of a property because the interim resolution professional has taken control of the Jaypee Infratech , the realty arm of the Jaypee Group.
    According to an interim resolution professional of a nationalized bank, future of flats of homebuyers and their investment is uncertain because a committee consisting of financers will later decide what should happen with the housing projects.

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    • Re : Jaypee Greens Wishtown, Noida

      Total chaos at CRM and Jaypee office today. People rushing to get accounts statements to submit to Amit Jain- IPR professional.
      They have just 5 people to handle 30000 buyers .
      Last edited by ashishew; August 16 2017, 06:07 PM.

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      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by ashishew View Post
        Total chaos at CRM and Jaypee office today. People rushing to get accounts statements to submit to Amit Jain- IPR professional.
        They have just 5 people to handle 30000 buyers .
        Even in good times like 2009-2010 period, Jaypee's office resembled a subzi mandi. Not only was front office understaffed, even the staff that was there used to work like sarkari office. Manoj Gaur and his minions paint a rosy picture of their business on CNBC even today after insolvency, but their company was mismanaged like this from the very beginning.

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        • Re : Jaypee Greens Wishtown, Noida

          Since very beginning they sold all the units, so it is not a mismanaged company

          call any builder in noida & they will tell u that all units r sold
          their brokers r enjoying in SUVs

          Comment


          • sachdeva51
            sachdeva51 commented
            Editing a comment
            Most units in new projects get sold in broker's office and customers find bitter truth about builder's business practices only after their first cheque has been cleared.

        • Re : Jaypee Greens Wishtown, Noida

          There should be full fledged CBI and EOW investigation of financial fraud and money laundering done by JP. Where did all the funds go?

          Comment


          • Re : Jaypee Greens Wishtown, Noida

            Originally posted by Bharatiya View Post
            There should be full fledged CBI and EOW investigation of financial fraud and money laundering done by JP. Where did all the funds go?
            It was a totally mismanaged company from the beginning . I did business with them for 20+ years some time back and i knew most of their Senior management and their modus operandi pretty well .
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            • Re : Jaypee Greens Wishtown, Noida

              Govt stance towards JP situation is very bad. In clear words Govt is telling home buyers that they should use NCLT and RERA to resolve their grievance. But RERA and NCLT has no answer for the problems faced by RE sector.

              RERA has absolutely no provisions to safeguard interest of home buyers in case of Builder's Bankruptcy.

              NCLT and insolvency code is meant to safeguard interest of creditor banks of Builder projects.

              Govt should take their position very clearly on how they will safeguard interest of JP home buyers. Showing carrots of NCLT and RERA is just a clever trick.

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              • Re : Jaypee Greens Wishtown, Noida

                What should be the action plan of the buyers invested in projects that have been delivered like Klassic ? My flat is in A - 7 tower and i was awaiting final possession in 2 weeks after final touches and fittings. So the options are as follows and i request senior members to guide buyers like me in this situation.

                1. Should i take the handover of the flat and keep it as an investment ( for rental income) hoping things will improve.
                2. Sell it immediately as after insolvency there is no one to take responsibility of security, maintenance etc. Also the condition might worsen and it becomes impossible to sell the flat for many years.
                3. Hold the investment and wait for further developments and hope that a more responsible body like NBCC will take over.
                4. Should i also file for the claim before 24th August.

                Thanks!

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                • Re : Jaypee Greens Wishtown, Noida

                  A request to all who didn't sign this petition please do it now. It has already reached to 2958 users so make it a BIG number.

                  Please sign this petition to reach its goal to 5000 to reach Supreme Court of INDIA. Together we would WIN !!!


                  Sign the Petition
                  Chief Justice of India: Save Home Buyers from One of th Biggest Fraud
                  CHANGE.ORG

                  Comment


                  • ashishew
                    ashishew commented
                    Editing a comment
                    signed and shared

                • Re : Jaypee Greens Wishtown, Noida

                  Has anyone filled out the form B/ C yet? Can anyone provide some guidance on filling it via email?

                  I assume form C is needed, Do we need any stamp paper as well? Should the email with attached form be sent to IRPJIL@bsraffiliates.com ?

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