NBCC to take 4 years to de­liver 17k Jaypee flats

The Times of India (New Delhi edition) - - Times City - Sharmila.Bhowmick @times­group.com

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.

File photo

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