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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

    At Wish Town, registrations can now begin for completed flats

    Sharmila Bhowmick | TNN | Updated: Aug 11, 2020, 08:24 IST

    The letter inviting registration of flats also includes guidelines to be observed as precautions for Covid-19.

    NOIDA: With the Supreme Court reinstating Anuj Jain as the interim resolution professional (IRP) of Jaypee Wish Town project last week, the registration cell has asked buyers to deposit money and get their properties registered. The next date of hearing is on August 31.

    “We have started the registration work. We will get to know how many buyers would come forward to get their flats registered in a week, we are working on it,” IRP Jain said. The registration cell letters ask buyers to carry PAN card, an address proof, and extra photographs of allottees and their family members for social club membership.

    The letter inviting registration of flats also includes guidelines to be observed as precautions for Covid-19. According to the guidelines, only the allottee and co-allottee are to be present for the registration formalities in Sector 128 office.

    All allottees have been also asked to wear face masks and carry their own hand sanitizers, apart from pens for signing documents. All registrations will be carried out as per prior online appointment. “I have received a letter asking me to deposit the registration money. The appointment date has not been sent yet,” GD Khare, a buyer said.

    “The buyers whose apartments are already completed will now get the chance to get their flats registered since the IRP has been reinstated with adequate responsibilities. The fate of the remaining buyers who are waiting for the flats will only be decided in coming hearings at the Supreme Court. The case will be next heard on August 31,” said Raunak Jain, a lawyer representing a section of Jaypee Wish Town buyers.

    After prolonged insolvency proceedings of Wish Town, the National Company Law Tribunal (NCLT) had given the construction rights for the pending flats to state-owned NBCC in March this year, but the company moved NCLAT, the appellate body, against NCLT, claiming their resolution agreement was dishonoured with the addition of extra financial liabilities.

    Last month, a group of buyers had moved the Supreme Court, seeking direction to the National Company Law Appellate Tribunal (NCLAT) to persuade NBCC to immediately start construction in the Wish Town project and complete around 20,000 pending flats at the earliest. On August 6, the court disbanded the interim monitoring committee overseeing the operations of the project and reinstated the IRP.









    https://timesofindia.indiatimes.com/...w/77473058.cms
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    • Re : Jaypee Greens Wishtown, Noida

      Originally posted by rahk2012 View Post
      Oh my god .. never anticipated this ... Jaypee wishtown .. thumbs down !!!! what a mess !!!

      @dinesh_says : buddy where are you .. nowhere to be seen? what happened .. no updates from your end ..?

      Kya updates hongey bhai, its a flop project, ban bhi gay to bekaar hi rahega....log to rahengey, lekin wohi jinhey sasta maal chahiye, quality crowd nahin aayega

      Is project ke failure ne noida ko bahut nuksaan pahunchaya hai, dlf ne gugaon banaya, to jaypee ne noida bigada

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      • rahk2012
        rahk2012 commented
        Editing a comment
        Hi bro .. agree with you .. how is your paras One33 shop doing?

        PS: maine toh noida se gurgaon focus shift kar liya .. aur gurgaon main kaafi achi progress dekhi apne aankhon ke saamne !!!! My investments are bang on ..
        Last edited August 21 2020, 12:56 AM.

    • Re : Jaypee Greens Wishtown, Noida

      For Jaypee home buyers, wait for court order may get longer

      "Now that the courts are closing for winter break next week, the pending issue of construction of the remaining flats will only be resolved in 2021,” said Ashish Mohan Gupta, a buyer.
      NOIDA: For some 17,000 homebuyers of Jaypee Wish Town, the wait for a resolution might stretch into 2021 as the courts are set to close for winter break next week.

      “Over the past few days, we have been discussing this issue at video conferences. In its October 8 hearing, the Supreme Court had reserved its judgment. Now that the courts are closing for winter break next week, the pending issue of construction of the remaining flats will only be resolved in 2021,” said Ashish Mohan Gupta, a buyer.

      Jayshree Swaminathan, another buyer, said, “Since our case has been heard by the Supreme Court, we are sure of an order. We hope it comes in December as only a week is left for the court to close for winter break. It has been a very long wait for the buyers and 2021 will be a decisive year.”

      Of the 30,000 total flats in Wish Town, 17,756 are yet to be completed, according to NBCC. Of these pending flats, there are 656 in Aman, Garden Isles has 2,945 flats, Kasa Isles 1,871, Kensington Boulevard 3,372, Klassic 1,371, Krescent Homes 2,585 flats, and so on.

      Of the 250 towers in Wish Town, construction of 110 towers is over. A total of 94 towers is almost 70% ready. In another 10 towers, the construction status is between 70%-90%. There are 6 towers where 90% of the construction has been done. Among the entire lot, there is only one tower where work is yet to start.

      “The long-drawn insolvency process has tested our patience. It seems 2020 is leaving us empty-handed and 2021 is when we will finally know our fate,” Gupta said.









      For Jaypee home buyers, wait for court order may get longer, Real Estate News, ET RealEstate (indiatimes.com)
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      • Re : Jaypee Greens Wishtown, Noida

        Jaypee Wish Town residents protest over 'insurance fee' in maintenance bill

        The Jaypee management, however, claimed that ‘insurance’ is a component mentioned in the maintenance agreement with buyers.
        NOIDA: Residents of Jaypee Wish Town staged a protest on Saturday against the developer for raising an “insurance fee”, clubbing it with this year’s quarterly maintenance bill and deducting the entire amount from pre-paid electricity meters without their consent.

        The Jaypee management, however, claimed that ‘insurance’ is a component mentioned in the maintenance agreement with buyers.

        Around 10am, more than 150 residents gathered on the Wish Town campus and protested against the “hiked” upkeep bills. The residents claimed that depending on the size of their flats, they were charged anywhere between Rs 500 and Rs 1,500 under the insurance head for the January-March quarter.

        According to the residents, insurance is one of the three components which has been merged with maintenance and deducted in one go from their pre-paid electricity meters. Earlier, the developer used to raise quarterly upkeep bills only under two heads — maintenance and solid waste.

        Sanjay David, a resident, said, “This quarter, the residents were compelled to pay maintenance charges ranging between Rs 9,000 and Rs 20,000 — a 50% year-on-year increase. This amount also includes the Rs 500-Rs 1,500 insurance fee.”

        “What’s shocking is that the entire upkeep fees have been deducted from pre-paid meters and that too, without our consent,” he added. And those who did not have sufficient balance in their pre-paid meters, residents alleged, the maintenance office had abruptly disconnected the power supply to their flats.

        Some 10,000 families live in Wish Town currently.

        The maintenance of Jaiprakash Associates Limited flats are currently done by the builder himself.

        Ajit Kumar, an advisor to Jaypee group, told TOI, “We have insured the properties of Wish Town — mainly the towers and the common areas against damage — and have been paying premium for the past five years. The cost of the insurance has now been passed on to the residents as per the maintenance agreement. We met the buyers on Saturday and asked them to meet us on Monday again for some negotiations.”

        Residents said they had approached the Noida Authority on the hidden costs. “We have already submitted a written complaint to Noida Authority CEO Ritu Maheshwari,” said Tyagi. Noida CEO Maheshwari said, “I am not aware of this case.”










        Jaypee Wish Town residents protest over 'insurance fee' in maintenance bill, Real Estate News, ET RealEstate (indiatimes.com)
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        • Re : Jaypee Greens Wishtown, Noida

          NBCC wants four weeks more for Jaypee Wish Town plan

          The NBCC application, submitted with the apex court on April 3, also says that it may not submit a fresh resolution plan at the end of four weeks if it finds the circumstances “unviable”.
          NOIDA: The government-backed construction company — National Buildings Construction Corporation (NBCC) — has sought from the Supreme Court four weeks more to assess whether it needs to submit a fresh and modified resolution plan to the National Company Law Tribunal (NCLT) for the construction of 17,000 flats in Wish Town.

          The NBCC application, submitted with the apex court on April 3, also says that it may not submit a fresh resolution plan at the end of four weeks if it finds the circumstances “unviable”.

          “It is submitted that the applicant is requesting for an extension of further four weeks’ time to assess the viability and feasibility of submitting a fresh/modified resolution plan for JIL. In case, submitting a plan in the circumstances stated above is found to be unviable, the applicant reserves its rights to not submit any further plans,” the application reads.

          The Supreme Court had on March 24 asked NBCC and Suraksha — the two resolution applicants in the Jaypee Infratech Limited (JIL) insolvency resolution — to submit fresh proposals within two weeks. “My client needs at least four weeks more, as mentioned in the application,” said Prateek Kumar, who is representing NBCC in court.

          In its application, the construction company also referred to a “cash flow” problem that may arise because of the “non-availability of Rs 750 crore”. On March 24, the apex court had said that the company chosen to complete the Wish Town flats would not have access to the Rs 750 crore that was deposited in the court by Jaiprakash Associates Limited (JAL) in favour of JIL.

          Meanwhile, Anuj Jain, the resolution professional in the Wish Town case, confirmed that a financial management company, Grant Thorton, had been appointed to settle the internal transactions between JIL and JAL.

          Wish Town buyers, who have sought the PM’s intervention in completing the flats, reacted strongly to NBCC’s appeal for an extension. “We will strengthen our protests in the days to come,” said Pramod Kumar, a buyer.

          JIL is facing insolvency proceedings since 2017 for non-payment of corporate debt.














          NBCC wants four weeks more for Jaypee Wish Town plan, Real Estate News, ET RealEstate (indiatimes.com)

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          • Re : Jaypee Greens Wishtown, Noida

            Around 6,000 flats in Jaypee Wish Town to be handed over by next year

            We initially had 28,000 flats to complete. Of these, we have already delivered 8,500 and now are left with 19,500 flats for completion. Of the 8,500 flats that have been delivered, some still have finishing work left to be done, which includes floorings and fittings, said RP.
            • TNN
            • April 24, 2021, 09:34 IST

            NOIDA: Around 6,000 flats at Jaypee Wish Town will be delivered to buyers by 2022. Some of these will be freshly constructed, others are complete but have pending work like fittings left to be done before the keys can be handed over, according to resolution professional Anuj Jain.

            Jain told TOI, “We initially had 28,000 flats to complete. Of these, we have already delivered 8,500 and now are left with 19,500 flats for completion. Of the 8,500 flats that have been delivered, some still have finishing work left to be done, which includes floorings and fittings. So, we will complete those and also finish constructing some others and together, have set a target of handing over around 6,000 by 2022.”

            The number of flats pending for completion has been reflected at 20,000 in the Supreme Court data, while earlier estimates by state-run NBCC had shown around 17,500 flats due for construction at Wish Town. The resolution professional has now updated the number of incomplete flats to 19,500. “If our work had not stopped last year, we would have completed at least 4,000 flats by now,” Jain said.

            Meanwhile Suraksha and NBCC, the two resolution applicants in the JIL resolution case, have presented their proposals to the committee of creditors (COC). The lenders have responded to the fresh proposals and asked the bidders to come forth with better ‘land parcel’ offers for debt settlement. On April 17, both parties sought a week’s time to come forth with yet another revised proposal.

            Meanwhile, construction work has picked up at the Wish Town site, with labourers being currently mobilised. “We have started mobilising workers at the site since last week,” Jain added.












            Around 6,000 flats in Jaypee Wish Town to be handed over by next year, Real Estate News, ET RealEstate (indiatimes.com)
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            • Re : Jaypee Greens Wishtown, Noida

              How do we find the status of completion for our own flat? Is there a tracker or update on each tower in Wish Town?

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