Adani makes presentation to Jaypee Infra homebuyers

By: | Published: March 23, 2018 6:33 AM

Ahead of the finalisation of the bids, the Adani Group has made a detailed presentation to the homebuyers of Jaypee Infratech, detailing their plans to complete the 25,000 incomplete and delayed homes.

Adani, Jaypee Infra homebuyers, homebuyers of Jaypee Infratech, gujarat, RERA, JSW GroupThe Adani Group is understood to have told the homebuyers that they would complete homes where the structure is ready in two years, while projects which are yet to take off will take at least three to four years, sources said. (Reuters)

Ahead of the finalisation of the bids, the Adani Group has made a detailed presentation to the homebuyers of Jaypee Infratech, detailing their plans to complete the 25,000 incomplete and delayed homes. “Earlier this week, in a confidential meeting they made a presentation to let us know how they would complete the project and take things forward,” a person with the direct knowledge of the matter said. The Adani Group is understood to have told the homebuyers that they would complete homes where the structure is ready in two years, while projects which are yet to take off will take at least three to four years, sources said. The Gurjarat-based group said they would move labourers from their home state to complete the project.

They have also assured the buyers that they would complete the flats and handover to them, however, they would not give any penalty for the delay to the homebuyers. Home buyers have been asking for a compensation of more than 10%. “The JIL home buyers have suffered average delays of 3- 4 years in the hands of JIL and completion of their projects may take another 2- 3 years. Given this, it is critical that the JIL home buyers be paid reasonable compensation for delay. Our Clients strongly believe that any compensation lower than 10% per annum would not be a reasonable compensation for delay and would defeat the purpose of enactment of the RERA and the IBC,” homebuyers had said in a letter to the government.

They have also sought possession of their flats by December 2018 and have also urged the IRP to ensure that the super area of the alloted flats should not be increased at the time of possession. Further, they have also sought refund of car parking charges and service tax collected. The Supreme Court had on September 11 restored the insolvency resolution proceedings against JIL and directed IRP to take over the “records and management” of the company. Flat buyers had challenged the August 9 order of the Allahabad bench of the NCLT that admitted the IDBI Bank’s plea for initiating insolvency proceedings against the debt-ridden Jaypee Infratech for defaulting on a Rs 526-crore loan.

On October 27, the IRP had invited companies, including real estate firms, with a net worth of over Rs 1,000 crore to complete the delayed projects of Jaypee Infratech, including Noida’s Wish Town project, by infusing `2,000 crore or more. JSW Group, Vedanta, Lodha Group and Deutsche Bank are among the 18 companies that have shown interest in buying Jaypee Infratech. According to sources, a consortium of Kotak Realty Fund and Cube Highways and Adani Group are the front-runners. Bids are likely to finalised by month-end or early April.

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