Jaypee claims it will deliver 5,114 flats by June this year
NOIDA: The Jaypee Group on Thursday said it will have 5,114 flats ready by March 2018. However, the flats will be delivered only in June after completion of all formalities.
The Jaypee Infratech and the Jaiprakash Associates Limited have released a flat delivery schedule to pacify agitated homebuyers, who have filed a plea in the Supreme Court. The buyers moved the Supreme Court after the National Company Law Tribunal’s Allahabad bench took control of the company, leaving homebuyers worried.
“We have already delivered 6,300 flats and 1,400 plots in our two housing projects — Jaypee Wish Town and Jaypee Aman — located along the Noida-greater Noida Expressway. And we will have 5,114 flats ready by Marchend in various towers. Subsequently, we will seek occupancy certificate from the Noida authority to offer possession to homebuyers. Our work on delivery is in full swing,” said Ajit Kumar, advisor, Jaypee Associate Limited.
It takes around one and half months for the Noida authority to issue occupancy certificate for processing the application of a developer after completion, said the JAL officials.
“It means that we will start delivery of these flats from June . And, we will start offering possession as and when we will get the occupancy certificate issued by Noida authority,” said Kumar.
JAL said that it will deliver all remaining flats by 2020-21. These 5,114 flats are in towers such as Pavilion Court IV, Kosmos, Klassic, Aman, Calypso Court, Kingwood Oriental and Kensington Park apartments.
Jaypee Infratech had in 2007 proposed to build 32,000 flats and some plots under the Integrated Wish Town project located in sectors 128, 129,131, 133 and 134 along the Noida-greater Noida Expressway. The Jaypee Infratech, which developed the 165-km Yamuna Expressway and Formula One circuit, had promised buyers of delivery of flats from 2011-12.
Homebuyers, however, do not buy the assurances given by the developer. “We have been hearing the promises from the Jaypee Group for the last 10 years. We do not believe the promises until they start actually delivering the flats,” said SK Nagrath retired army officer, who is president of Jaypee Aman flatbuyers’ association.
The apex court had on September 4 stayed an order passed in August by the Allahabad bench of the National Company Law Tribunal (NCLT), which initiated insolvency proceedings against Jaypee Infratech. A day later, IDBI Bank approached the court, seeking restoration of insolvency proceedings against Jaypee Infratech.
Subsequently, the Supreme Court had allowed the NCLT appointed resolution professional to file his resolution report for the revival of the stuck hous- ing project.
As per the Supreme Court order, the Jaiprakash Associates Limited will have to deposit an instalment of ₹125 crore in the court’s treasury by January 25. Chief Justice Dipak Misra on December 16 had said that the court would issue a contempt order against the developer if it failed to pay the instalment on time. Following the buyers’ plea, the SC had in November directed the company to deposit ₹150 crore by December 14 and another ₹125 crore by the end of December. Jaiprakash Associates paid the first instalment of ₹150 crore and sought more time. “We have deposited ₹425 crore as per the SC order and another instalment of ₹125 crore will be deposited on January 25,” said Kumar.