Wish Town flats to be delivered in 3 yrs: Jaypee CEO

The executive chairman and CEO of Jaypee Group, Manoj Gaur, on Monday assured agitated homebuyers to deliver all housing units in his Jaypee’s Wish Town project in the next three years.

The announcement came after 224 homebuyers filed a case of cheating in the Expressway police station in Noida Sector 135 on Sunday against the realty major over late delivery of flats.

Gaur said the integrated housing project was delayed due many reasons, including fund crunch, environmental clearance and a ban on ground water extraction for construction by the National Green Tribunal.

“We have given possession of 6,500 flats to our buyers. Now we assure them that we will give possession of 6,000 more flats between August 2017 and March 2018. And then again we will give possession to the remaining flats soon. We plan to give possession of all 32,000 flats in the next three years,” said Gaur.

Gaur will meet homebuyers on April 29 and share a scheduled plan of delivery of flats at the Wish Town office.

“We need ₹9,000 crore to restart the work and finish the Wish Town project. We need to recover ₹7,000 from our investors and buyers. We will raise ₹2,000 crore funds from various banks. Banks have agreed to lend us ₹1,700 crore and the remaining ₹300 crore will soon be arranged to restart the work. We will restore buyers’ trust and deliver as promised,” said Gaur.

The developer said it had earned ₹,000 crore by selling housing units in this project and invested the money in construction.

“We have given ₹1,000 crore to our buyers who sought refund. Now buyers should trust us and we will deliver the project. The project got delayed because the realty sector has been facing recession for the last five years,” said Sameer Gaur director, Jaypee Group.

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. Jaypee Infratech, which developed 165-km Yamuna E-way and Formula One circuit, had promised buyers delivery of flats from 2011-12. But the project that has 250 towers got delayed due to many reasons, including financial crisis amid the slowdown in the realty sector, said the developer.

Around 400 aggrieved homebuyers argued angrily and questioned Jaypee Infratech officials, including Manoj Gaur and Sameer Gaur, in a meeting held in the sector 128 office on Monday.

Homebuyers kept asking questions for two hours from 2 pm to 4 pm. The meeting ended only after Manoj Gaur promised to release a tower-wise schedule plan of delivery on April 29.

“I had booked a 3BHK flat in Wish Town and I was supposed to get delivery by 2012. But in the last five years, we have suffered humiliation at the office of Jaypee Group in Sector 128. Whenever I went to the builder’s office, the bouncers pushed me and even misbehaved with me. If they cannot deliver flats, why do not they refund my money,” said Ashok Narang, a homebuyer.