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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

    Originally posted by flatowner2
    The new name should be "Will Town"
    a cat not able to catch mice will scratch the pillar in frustration

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    • Re : Jaypee Greens Wishtown, Noida

      Rs 2,000 crore more needed to finish Jaypee Wishtown project in Noida

      Sudhir Valia's Suraksha group that has partnered Mumbai-based builder Dosti group has offered to commit around Rs 3,500 crore for completing the project that started nearly a decade agoSidhartha | TNN | Updated: April 13, 2018, 08:44 IST

      NEW DELHI: Suraksha and Dosti groups, which have emerged as the top contenders to take over ailing Jaypee Infratech, have estimated that nearly Rs 6,000 crore is required to complete work on 250 towers in Jaypee Wishtown. This translates into a funding requirement of Rs 2,000 crore after budgeting for nearly Rs 3,750 crore due from home buyers.

      The payment by home buyers will be linked to construction milestones. While Sudhir Valia's Suraksha group that has partnered Mumbai-based builder Dosti group has offered to commit around Rs 3,500 crore for completing the project that started nearly a decade ago, it is planning to put in place a panel of home buyers to monitor construction as part of a confidence-building exercise once it receives regulatory and legal clearances to take over the company that is facing bankruptcy proceedings, sources told TOI .

      "If needed the companies will offer more money to complete construction with focus being on building flats and villas that have already been sold," one of the sources privy to the discussions told TOI. Of the 31,000-odd units, nearly 29,000 have been sold with around 25,000 yet to be delivered. Around Rs 9,000 crore have already been invested in Jaypee Infratech, so far.

      The plan to put in place a committee is based on Suraksha Asset Reconstruction Company's experience with Unitech Resort Villa and Nirvana Country-2 in Gurgaon where it is completing work on delivering 600-700 of the undelivered units out of the 800 flats and villas and villas. The ARC, which received a licence from the RBI, has around Rs 4,000 crore of loans under management with 65-70% in the real estate sector and claims to be the fastest growing company in its business.

      While the Suraksha-Dosti combine is yet to get a formal offer from the lenders, banks led by IDBI Bank are holding exclusive talks with the duo to increase the bid value beyond the over Rs 7,000 crore offered so far. Lenders said that they will seek a better value from the bidder with a final decision only expected next week.

      The plan is to deploy around 15,000 workers for five years to complete the project. Sources said that Suraksha has indicated that completing construction in Wishtown in Noida and will take up to five years with delivery planned in a phased manner during this entire period. "Suraksha and Dosti have budgeted for a cushion of four-five months over and above the estimate given by CBRE (in November 2017)," said a source. Before Jaypee Infratech was referred to a bankruptcy court, the company had indicated that it will complete construction around March 2021.










      https://realty.economictimes.indiati...noida/63740694

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      • Re : Jaypee Greens Wishtown, Noida

        Suraksha and Dosti groups, which have emerged as the top contender to take over ailing Jaypee Infratech have estimated that nearly Rs 6,000 crore is required to complete work in 250 towers in Jaypee Wishtown with a funding requirement of Rs 2,000 crore after budgeting for nearly Rs 3,750 crore due from home buyers.


        The payment by home buyers will be linked to construction milestones. While Sudhir Valia’s Suraksha group that has partnered Mumbai-based builder Dosti group has offered to ..


        Read more at:
        //economictimes.indiatimes.com/articleshow/63742996.cms?utm_source=contentofinterest&utm_medi um=text&utm_campaign=cppst

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        • Re : Jaypee Greens Wishtown, Noida

          Only 18,000 units pending for construction at Wish Town: Jaypee

          Company sources claimed on Monday that of the completed apartments, 9,700 units have been offered for possessionSharmila Bhowmick | TNN | Updated: May 01, 2018, 08:30 IST

          NOIDA: The debt-ridden Jaiprakash Associates and Jaypee Infratech, the twin real estate companies based out of Noida’s Sector 128, have claimed that they have completed 13,800 units at its Wish Town project so far. The project originally has 32,000 units including plots.

          Company sources claimed on Monday that of the completed apartments, 9,700 units have been offered for possession. The documents for 4,100 units have already been sent to the Noida Authority to be processed for occupancy certificates, they said. The builder also claimed that it has now only 18,000 apartment units to complete, which it would deliver by 2021 as per the schedule submitted to Rera.

          With a hearing in progress at the Supreme Court, Jaypee has so far submitted Rs 650 crore with the treasury of the court and another Rs 100 crore are expected to be submitted by May 10. As per the conclusion of the resolution, the builder now owes Rs 13,500 crore to those buyers who are seeking refund. More than 92% buyers have, however, demanded that they be given flats. As per company sources, among the bidders who had come forward to infuse funds for the completion of the project and pay bank debts, Lakshdweep Pvt Ltd, a Mumbai-based builder, seems a front-runner with an offering of Rs 7,350 crore.

          With the company looking at a liquidation process, the homebuyers on Monday demanded that the company focus fully on the completion and handover of flats and any funds which are infused be fixed in escrow accounts for tower-wise completion of the remaining flats.

          “More than the liability of the banks, the first responsibility that should be taken up at present is the pending apartments. The funds should be tied in watertight escrow accounts for tower-wise completion of the pending flats. The resolution procedure has not been done keeping the buyers’ interest as paramount, and we demand complete financial security of our investments,” Pramod Kumar, a buyer at Wish Town said.










          https://realty.economictimes.indiati...aypee/63980635
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          • Re : Jaypee Greens Wishtown, Noida

            Only 18000 Hahaha
            a cat not able to catch mice will scratch the pillar in frustration

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            • Re : Jaypee Greens Wishtown, Noida

              Getting a flat not end of problems at Wish Town

              https://www.nyoooz.com/news/noida/11...-at-wish-town/

              What a massive massive fraud !!

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              • Re : Jaypee Greens Wishtown, Noida

                Failure of WT.

                Banks didn't do their jobs. They gave loans to JP on infeasible projects.
                UP Govt made a blunder by massive allocation of land bank to JP which they could never develop.
                Central Govt didn't do its job. They brought RERA Bill 10 years too late that too with many flaws.
                Various regulators and authorities failed to do their jobs.
                Home buyers were Gullible and did not understand the fraud of JP.


                But now people expect that SC should present a solution to this mess to satisfy everybody.

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                • Re : Jaypee Greens Wishtown, Noida

                  Originally posted by Truenity
                  😂
                  Looks like buyers would be Ok, and wishtown would have a new owner. Happy ending at last ?
                  a cat not able to catch mice will scratch the pillar in frustration

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                  • Re : Jaypee Greens Wishtown, Noida

                    Originally posted by raabta View Post

                    Looks like buyers would be Ok, and wishtown would have a new owner. Happy ending at last ?
                    Not by a long shot. It's going to get very very murky now. The big lenders and Gaur are operating hand-in-glove.

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                    • Re : Jaypee Greens Wishtown, Noida

                      Originally posted by Raojee View Post

                      Not by a long shot. It's going to get very very murky now. The big lenders and Gaur are operating hand-in-glove.
                      What else is new?
                      a cat not able to catch mice will scratch the pillar in frustration

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