2,500 ‘clueless’ Jaypee homebuyers want clarity on registration process
than 2,500 homebuyers in various Jaypee projects, which include those who have already taken possession and those who have been assured of possession in the coming few days, are clueless how to go about registration of their property.
Until flats are registered, homebuyers cannot move in.
Homebuyers have also questioned the authenticity of ‘sourcebased’ news reported in a section of media that Insolvency Resolution Professional (IRP) Anuj Jain, who was appointed by the National Company Law Tribunal to restructure the Jaypee Infratech’s debt, can offer letter of possession but can’t execute any sublease deed in favour of the buyers.
“It is not clear when the saledeed be executed and who will do it when the current board of directors of Jaypee Infratech has been suspended and the management of the company has been taken over by the IRP,” says Rajinder Mallik, a resident of Jaypee Kosmos, who is actively involved in encouraging other buyers to file their claim.
“If buyers are just offered possession on paper and no handover takes place by the way of execution of sale-deed, then such offer does not serve any real relief,” he said.
In response to a question by Hindustan Times about the authenticity of report that registration process can’t be started, Anuj Jain said in an e-mail: “I would not like to comment on unverified media reports. We have made no such statements to any media person. We will regularly come out with clarifications on the website re continuity of business. Do keep tracking the Jaypee Infratech website (http:// www.jaypeeinfratech.com/public-announcement.html) for further updates.”
However, Jain neither confirmed nor denied the homebuyers’ concern with regard to beginning of the registration process.
Venket Rao, an insolvency expert, says, “While the resolution process is on, the IRP is the de facto CEO who runs the company. So, the IRP can authorise any official to carry out registration and handover of the housing units.”
Rao also pointed out that the registration process “is a grey area too” as it involves the stripping of assets which might hurt the interest of the lenders.
“In case of a real estate company, the underlying asset is the land and lenders give loan to the company on the basis of underlying assets and the built up (property) thereon,” says Rao.
“Even if we presume that lenders might have given NOC to the Jaypee Infratech to handover offer to the buyer, in the current scenario, will lenders agree for title transfer of flats when their balance payment is due?” asked Rao. He says IRP should clear the air on the issue..