For around 20,000 Jaypee Infratech Limited (JIL) homebuyers, who have been waiting for the allotment of their flats for 13 years, there has been a glimmer of hope as at least 59 towers remain unfinished in the then ‘ghost town’, but work has been completed. started
In March this year, the National Company Law Tribunal allowed Mumbai-based Suraksha Group’s bid to buy out Jaypee Infratech Ltd and complete housing units in various stalled projects spread across Noida and Greater Noida. In a security debt-ridden Jaypee Group company, Rs. 250 crore, and to complete the flats in the next four years, Rs. 3,000 crores in loans.
The wait will soon be over for most buyers
Jayashree Swaminathan, a homebuyer who has seen a decade-long agony before his eyes, is relieved that the wait for most buyers will soon be over. He said, “After the NCLT verdict, YEIDA is not required to pay a single penny for security on legal grounds. However, they are ready to pay compensation of around Rs 1,689 crore to the farmers, which the authorities have to take note of.”
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YEIDA Rs. 1,689 crore as land compensation has increased by 64.7 per cent and additional land compensation from Jaypee Infratech or the takeover company security is Rs. 6,111 crore wanted to recover. To protect the interests of the farmers, YEIDA challenged the NCLT order in the NCLAT, directing both the stakeholders to resolve the issue through meetings.
The security group recently submitted a proposal to the Yamuna Expressway Authority, agreeing to construct around 20,000 flats with certain conditions and compensation to farmers. In August 2017, the NCLT initiated insolvency proceedings against the Noida-based realty major.
As mentioned in the previous report, there were 18,767 active home buyers who paid Rs. 8,676 crore in aggregate principal amount paid. Around 413 home buyers have canceled their bookings and their Rs. 64 crores refund is still pending. About 1,410 buyers received Rs. 528 crore was offered for possession, but no registration was made.
There are many frustrated JP buyers who have stopped paying EMI because they were not able to pay both rent and EMI. Many army officers spent their entire retirement benefits to book flats in JP Wish Town and other properties and still live in rented accommodation.