Despite promising high-end residential and commercial township near the Noida-Greater Noida Expressway, the Jaypee Wish Town project currently greets visitors with under construction concrete pillars and towers which seem to be nothing less than an abandoned town – for homebuyers who have spent their heard-earned money, this is nothing less than tragic. According to a report by Indian Express, the project promised to provide luxurious Pavilion Court apartments along with shopping hub for as many as 4,000 ready-to-move-in apartments along with other facilities including swimming pools, gymnasiums, children’s play area, tennis and badminton courts within multiple clubhouses. However, much of this is still in theory as much of the project is yet to become functional.
Those who have booked their flats in the Jaypee Infratech projects and have got possession are considered marginally lucky as what they have been provided their home, but it is is a no man’s land of sorts with nothing except dozens of empty shell of buildings surrounding them instead of a plus city-scape that was promised. Speaking to Indian Express, Chandrashekhar Chauhan, a business professional who moved into Jaypee Wish Town’s Kosmos project six years after he invested Rs 35 lakh, said, “I am among the fortunate ones. For four years, we paid rent for an apartment in Sector 49 as well as monthly EMIs for the loan I had taken.”
Further sharing about the promises made by the builder six years ago, he said, “What was promised then was a modern residential gated community with expansive landscaped greens, water bodies and Zen gardens.”
Reportedly, there are around 6,500 people who had invested in the Wish Town projects – there are 32,000 flats under Jaypee’s housing plans.
Following the monumental delay in completion of the project, not just corporates and banks, but even the flat buyers are now set to take the fight to the National Company Law Tribunal (NCLT) against defaulting real estate companies. Recently, the various home-buyers of the Jaypee Infratech’s projects proposed to move NCLT against the real estate company for not meeting its commitment of delivering flats on time.
According to a Business Line report, the Noida Extension Flat Owners Welfare Association had written a letter to Finance Minister Arun Jaitley seeking relief from EMIs of their flats. The report also says that as many as 1.5 lakh buyers in the area are now losing hope of getting possession of the booked flats.