Homebuyers say they will not stop their fight against builders and the Noida Authority till they get their homes
Homebuyers who had invested in residential projects of troubled real estate giant Jaypee Infratech still can't believe that their woes might be nearing the end. After a National Company Law Tribunal (NCLT) declaration on Wednesday, homebuyers will soon get possession of 1,000 ready-to-move-in flats in Jaypee Infratech's Wish Town and Aman projects in Noida.The announcement, made by Anuj Jain, appointed as the Interim Resolution Professional (IRP) by the NCLT, was greeted with both disbelief and cheer from the homebuyers. "After several months of no progress and false promises, the NCLT's announcement has come in as a ray of hope for the investors," Umesh Mehra, a homebuyer, said.
Some more cynical investors, however, said this was yet another false promise to pacify disgruntled homebuyers.
"We have been getting just promises and statements. Till we get our homes, we will not stop our fight against the builders and the authority," a buyer, Vikram Gupta, said.
IRP Jain had announced that construction at two Jaypee projects — Aman and Wish Town — will continue, and he will obtain occupancy certificates from the Noida Authority for other towers, after promising to deliver around 1,000 homes within 10 days.
Many questions, however, still remain. For instance, why can't Jaypee Infratech pay back a loan of Rs 526 crore to the IDBI bank and escape the insolvency proceedings, when it possesses 1,000 hectares of prime land along the 165km Yamuna Expressway? Will the IRP sell the Jaypee Infratech assets to revive the company? How will Jaypee deliver flats to buyers and finish the projects?
These are somne of the questions that have been bothering over 30,000 Jaypee homebuyers.
"The Jaypee is said to have property worth crores. Why can't it just pay off its loan? Innocent buyers invested their life savings in these houses and are still haunted by insecurity," buyer Divik Kishore said.
Meanwhile, homebuyers have filed a public interest litigation (PIL) at the Supreme Court (SC) against the NCLT decision to declare Jaypee Infratech insolvent. Buyers said the NCLT Bench accepted the IDBI Bank's petition but failed to spare a thought for the homebuyers.On Thursday, the SC adjourned the hearing in the insolvency case, to give time to other homebuyers to file their petitions and join the proceedings. The next hearing has been scheduled for September 4.
BUYERS FILE PIL
- Homebuyers have filed a public interest litigation (PIL) at the Supreme Court (SC) against the NCLT decision to declare Jaypee Infratech insolvent
- Buyers said the NCLT Bench accepted the IDBI Bank’s petition but failed to spare a thought for the homebuyers
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