NBCC to take 4 years to deliver 17k Jaypee flats
Noida: NBCC will take four years to complete the 17,000 pending flats of Jaypee Wish Town. And it will hive off Yamuna Expressway and monetise existing assets of the developer to initiate construction activity. This was conveyed to the buyers of the housing society by the staterun construction agency at a meeting in Noida on Tuesday, according to sources present at the meeting.
NBCC is all set to submit a fresh proposal for completion of Wish Town apartments before the Supreme Court next week. The staterun construction company expressed its willingness to complete the pending flats after the Centre proposed to grant tax concessions to Jaypee Infratech in order to bail out aggrieved homebuyers.
Sources said NBCC has told homebuyers at the meeting it will pay a penalty at the rate of Rs 5 per sq ft per month to the buyers if it fails to meet the four-year deadline to complete the pending flats of Wish Town. A homebuyer present at the meeting said NBCC’s executive director Yogesh Sharma had told them the construction agency would not infuse funds but liquidate Jaypee Infratech’s assets to complete the flats.
“We have been informed that NBCC will come on board as a project management company and hive off Yamuna Expressway to infuse liquidity for the completion of the project,” said AM Gupta, a buyer at Wish Town.
So far, NBCC has received over 500 emails from buyers to share suggestions in line with the Supreme Court’s directions. “But NBCC officials said the agency was not in a position to meet the refund demand of some buyers,” Gupta added.
According to the latest financial statement by Jaypee, Yamuna Expressway is counted as an asset of the company and accounts for toll revenues for the company worth Rs 350 crore per month. The company retains the toll rights of the expressway with itself for the next 29 years.
When contacted, an NBCC spokesperson said, “We met the buyers and these meetings are being held to take buyers’ demands into consideration ahead of the final proposal that we are putting forward with the Supreme Court.”
Meanwhile, NBCC will soon get on board its new CMD, PK Gupta. The position of CMD at NBCC was lying vacant after the exit of Anoop Mittal in April this year.