aypee Group\'s Chairman Manoj Gaur today reached among protesting home buyers and tried to assured them that their invested money will not go anywhere. But, protesting buyers went out of control.
Over 500 home buyers stormed the gates of the Jaypee Infratech office in sector 128, Noida on 12 August. The buyers sat in protest at the office and threatened to go on a hunger strike until the impasse between the group and the buyers is resolved by the government.
This comes just days after the Allahabad bench of the National Company Law Tribunal (NCLT) declared Jaypee Infratech an insolvent company, leaving home buyers who have invested lakhs of rupees in Jaypee properties in the lurch.
The buyers have been given time till 24 August to raise claims related to their investments in the project.
People Protest Outside Jaypee Infratech\'s Noida Office
Jaypee Home Buyers Stage Protest In Noida
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All buyers are doing protest in Jaypee\'s office for their house...but staff not allow media inside office & not responding any customer...
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Buyers are doing protest against Jaypee Group for delay in project
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Buyers are Harassed by builder & they want to register FIR against Jypee but police & SP of police not ready to Register FIR...He said go to the Court for this Process...
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Jaypee Group of builders cheated people in Different Projects.
Around 300 homebuyers on Monday created a ruckus at the Indira Gandhi Kala Kendra in Sector 6 on Monday after Jaypee Group chairman Manoj Gaur and director Sameer Gaur failed to not turn up on time at the tripartite meeting organised by the Noida authority.
The buyers simmered down only after Sameer Gaur put in a late appearance, which had the authority ACEO Shishir Singh pulling up the builder for “being insensitive to buyers’ issues”.
The authority since April 10 has been organising meetings of buyers and builders to address realty sector issues, following instructions from chief minister Yogi Adityanath.
Jaypee Group homebuyers, who have bought flats in the delayed Jaypee Wish Town and Jaypee Aman housing projects, gathered at the Sector 6 office as per schedule at 12:30am for the meeting.
But neither Manoj Gaur nor Sameer Gaur turned up till 1pm. Later they informed that they will not take part in the meeting as they are busy with office meetings.
This infuriated the buyers, who started shouting slogans against Jaypee Group. They stopped only when Sameer Gaur reached the meeting late. Buyers agreed to remain quiet only after Noida authority ACEO Shishir Singh pulled up Gaur for reaching late.
“This is disrespect to UP chief minister Yogi Adityanath’s orders, because he is the one who directed officials to organise these meetings. Now, the Jaypee Group is not bothered to attend the meeting. All builders has attended the meeting and reached on time. We do not trust the Jaypee Group because they have delayed the project for 3-4 years and siphoned off the money collected from buyers,” said Umesh Saini, a homebuyer.
SK Nagrath, president Jaypee Aman buyers’ welfare association, said,“The UP government and the Noida authority should confiscate Jaypee Group properties to arrange funds for delivering stuck realty projects. The Jaypee Group does not have any plan to deliver these projects. It is high time the builder is put behind bars and the government took over the project.”
Jaypee Infratech has only given possession of 6,000 of 28,000 flats. It had promised give possession of 6,000 flats by October 2017, another 8,000 flats by 2018 and the remaining flats in 2018-19.
“We no more trust the Jaypee Group because they keep making false promises,” said Sachin Sharma, a buyer.
ACEO Singh directed the Jaypee Group to submit tower-wise delivery schedule within the next 10 days. The authority also said another meeting will be held once Jaypee arranges funds.
“We will manage Rs 800 crore by selling our cement plant. We will arrange Rs 1,200 crore from toll operations on the Yamuna Expressway. We have already given the delivery schedule of 17 towers on April 29. We are raising working capital to finish the project. We have not siphoned off any money. We are open to probe by any agency,” said Sameer Gaur, director, Jaypee Group.
He said he will arrange Rs 1,800 crore by June 30.
“Homebuyers can have a meeting with the builder once they arrange Rs 1,800 crore,” Singh said.
NOIDA: In a tripartite meeting held between representatives of Jaypee group, homebuyers of Jaypee Wish Town and Noida Authority officers, the builders on Monday confirmed that construction at the Wish Town project has started full swing.
However, they stated that they are in no position to refund those buyers who wish to exit the project at this stage. The builders assured the buyers that they would meet buyers from individual apartments in the Wish Town project and take up their concerns.
The buyers of Wish Town project posed questions to the builders regarding their source of funds. To this director Jaypee Infratech, Sameer Gaur responded, \"Jaiprakash limited, the realty business which are the promoters of Wish Town is being financially restructured. The cement business has been sold, from that Rs 600 crores will be diverted as working capital for completion of Wish Town. We will monetise the toll on Yamuna Expressway and raise the balance amount for the completion of Wish Town.\"
GREATER NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday said that it has issued a final notice to Jaypee Infratech to pay up Rs 900 crore or face cancellation of allotment of 1,000 hectares of land.
Arunvir Singh, chief executive officer (CEO), YEIDA told TOI, "We have issued a show-cause notice asking the developer why the allotment should not be cancelled. If the group fails to clear its dues by April 15, strict action is on the cards, including cancellation of the lease deed."
According to Singh, the developer has been defaulting on its instalments for land allotted for the last five years. "The land in question was allotted to the developer in three pockets in the YEIDA area for constructing residential units," he said. "This totals about 1,000 hectares and is located in three pockets including Sector 25 and Jaypee Sports City," he said. "Owing to the default by the builder, the allottees are suffering. Currently, the builder has not even started construction on the land," he added.
Singh said that if the developer did not respond satisfactorily within the stipulated time limit after the notice, strict action was on the cards for it. "We will not shy away from cancelling the lease deed of the developer," he said, adding that the group has to also pay YEIDA an additional Rs 1,200 crore. "This amount has to be disbursed to farmers as hiked compensation for land acquisition in the area. However, this matter is sub judice and is awaiting the appointment of an arbitrator after approval from the state government as the developer has challenged the Allahabad high court direction that farmers be paid enhanced compensation," Singh said.
When contacted, Jaypee Infratech officials said they were not aware of any notice from YEIDA and refused to comment further on the issue.
Meanwhile, YEIDA is also getting ready to issues show-cause notice to seven more builders in its area. Earlier this month, YEIDA had started the procedure of cancellation of seven allotments of these builders. The developers, which include five group housing builders and two institutional ones, owe the Authority nearly Rs 525 crore. The notices are likely to be issued on Thursday, officials said.
Irked by the delay by Jaypee Group in handing over flats, home buyers held demonstrations in Noida’s Gautam Budh Nagar district Saturday afternoon, which led to traffic snarls on the Yamuna Expressway.
“As many as 100 people held demonstrations outside the company’s office in Sector 128. Traffic was affected for a brief period. As we had been alerted about the protest, the demonstrators were moved to one side of the road and traffic movement was restored,” said a senior police officer.
Last month, investors of Jaypee’s ‘Wish Town’ project had approached the builder and raised concerns about the delay in handing over of flats. While investors had been assured that their concerns would be looked into, they alleged that no action has been taken.
Pragya Shukla, who invested in the company’s ‘Aman’ project in Sector 151, said, “The project was supposed to be handed over to us in 2009. Almost 90 per cent of the money has been paid but we have still have not got possession of the flat. Only brick and concrete walls have been constructed at the site so far. It was supposed to be a retirement home for my mother.”
Investors further alleged that the builder had increased the floor area of their flats and the cost of the projects without prior notice.
“There are many issues with regard to the company’s projects. In case of ‘Aman’, they have increased the floor area without our permission or knowledge and demanded more money. We even asked them to pay us a penalty amount for the delay. The ‘Wish Town’ project was supposed to completed in 2011,” Shukla added.
While Jaypee Group could not be contacted despite repeated attempts, officials at New Okhla Development Authority confirmed the delay in completion of the project.
“Four or five towers of Jaypee’s project in Noida Sector 128 were completed in February this year.