1. Good news for Jaypee Wish Town flat buyers; Noida Authority working on plan safeguard their interests

Good news for Jaypee Wish Town flat buyers; Noida Authority working on plan safeguard their interests

The Noida authority on Saturday assured thousands of home buyers of Jaypee Wish Town that their hard earned money will not be allowed to go down the drain.

By: | Updated: August 12, 2017 7:21 PM
jaypee wish town news, jaypee wish town, jaypee group, noida authority The Noida Authority has said that its officials are working on a plan to safeguard the interests of flat buyers of Jaypee Wish Town. (ANI photo of flat buyers protesting at Jaypee office)

The Noida Authority has said that its officials are working on a plan to safeguard the interests of flat buyers of Jaypee Wish Town. The authority on Saturday assured thousands of home buyers of Jaypee Wish Town that their hard earned money will not be allowed to go down the drain. The assurance came on a day when scores of angry home buyers of Jaypee Wish Town project protested at the company’s office in Noida Sector 128 demanding that their money be returned after the National Company Law Tribunal admitted the insolvency petition filed by IDBI Bank against the debt-ridden Jaypee Infratech.

“Hard earned money of home buyers will not be allowed to go down the drain,” said Noida CEO Amit Mohan Prasad.

Asserting that strict action will be taken against the defaulting developers, he said the Noida Authority is working on rescheduling of the payment plan under which builders will be directed to deposit the dues within a specified period.

The Authority will then take over the unsold apartments and property of the builders and auction it to recover the dues, Prasad said.

He said the Authority has written to Uttar Pradesh government seeking approval to take over possession of unsold property of the defaulting builders and recovering dues from its sale.

Jaypee Infratech has 2500 hectares of land in five parcels of around 500 hectares each. Now, the company is planning to sell some unused land to banks to reduce its debt.

The Allahabad bench of NCLT has admitted the petition filed by IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016, Jaypee Infratech had said in a regulatory filing a few days back.

This move has caused immense anxiety among the home buyers whose number is said to be around 32,000.

Amrapalli group has dues of Rs. 1200 crores and has to deliver 30000 residential flats to buyers.

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