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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

    NOT ALL WISHTOWN PROJECTS TO BE HIT

    New Delhi: Home buy ers in Wish Town, who have bought apart ments or plots in projects like Ka- lypso Court, Pav il lion Courts and Heights and oth ers which are be ing de vel oped by Jaiprakash As so ci- ates Ltd (JAL) will not be af fected by the ini ti a tion of cor po rate in sol vency res o lu tion process (CIRP) against its sub sidiary Jaypee In frat ech.
    Jaiprakash As so ci ates Ltd had bought 357 acre of land from Jaypee In frat ech for Rs 885 crore in 2008. Jaypee In frat ech was given around 1200 acre land on Noida-Greater Noida Ex press way as acon- ces sion aire to build Ya muna Ex press way to ex tend Noida-Greater Noida Ex press way to Agra.
    JAL had launched num ber of projects on the land in Sec tor 128 of Noida. How ever, all the projects are run ning be hind the sched ule, the com pany has started gi- ving the pos ses sion in some of the projects. It has al ready given pos ses sion of around 2,500 apart ments in these projects.
    The ma jor projects launched by JAL are Ka lypso Court, Pav il lion Courts and Heights, Im pe rial Ar- cade, Boomerang res i dences, Krys tal, Kasablanca and oth ers. JAL is also de vel op ing a 22-holes gold course around which all the projects are be ing de liv ered.
    The com pany has also regis tered these projects on Real Es tate Reg u la tory Au thor ity (RERA) web site of UP along with the time line to com plete the projects. Around 12,000 apart ments are to be con structed by JAL. The rest around 23,000 apart ments and plots are to be con structed and de liv ered by its sub- sidiary Jaypee In fra.
    The de ci sion of Na tional Com pany Law Tri bunal (NCLT) to start the in sol vency res o lu tion process against its sub sidiary Ja- ypee In fra struc ture will not af fect the work ing of JAL. In a state ment, in terim res o lu tion pro fes- sional (IRP) Anuj Jain who will work as CEO, said, ``I am con scious of the in ter est of key stake hold ers in clud ing flat own ers.’’ The in sol vency pro ceed ings has been started against the com- pany on the plea of IDBI Bank as the com pany was not able to ser vice bank loans. The com pany has bank loans of Rs 8000 crore.
    Jain fur ther said, ``As IRP, it is my duty to en deav our to pro tect and pre serve the value of the prop- erty of the com pany and man age its op er a tions as a go ing con cern in clud ing con tin u a tion of on go ing con struc tion.’’
    As the ex ist ing man age ment of Jaiprakash Gaur and Manoj Gaur could not ser vice the bank loans along with com plet ing the projects and gave con sent to go for clas si fy ing the com pany as in sol vent, Jain has an up hill task to find an in vestor or a pro moter who will meet all the obli ga tions of the com pany.

    Not all Wish Town projects to be hit.pdf

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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; 3 hours ago.

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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

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            • 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?

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            • 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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