Jaypee homebuyers will get flats in 3 years, assures NBCC

By: and |
New Delhi | Published: March 12, 2019 4:55:02 AM

JIL’s assets include under-construction 25,000 apartments, and around 3,000 acre, mostly along with the Yamuna expressway.

jaypee, jaypee homebuyers, real estate sector, real estate industryJIL’s assets include under-construction 25,000 apartments, and around 3,000 acre, mostly along with the Yamuna expressway.

State-owned National Buildings Construction Corporation (NBCC) on Monday said Jaypee Infratech homebuyers’ flats would be delivered in less than three years from the date its plan was approved at no extra cost, in accordance with the resolution plan for the bankrupt Jaypee Infratech. The company had earlier said it would make the delivery within four years.

Sources present in the meeting said NBCC chairman and managing director A K Mittal along with senior officials also said its top priority would be handing over the flats to the homebuyers.

The officials also clarified they would not reduce the promised penalty towards delay in awarding possession to the buyers below 25%.

“The company assured the home buyers that the amenities in the flats, as committed, will be made available. Besides, there shall be no cost escalation. NBCC will also share a tower-wise delivery plan,” one of the officials said. Allaying homebuyers’ concerns, NBCC assured them of settling tax and other related issues soon and, at the same time, made it clear that any shifting of the residential units shall be done with their consent.

“On the issue of refund seekers, NBCC has said whatever has been agreed with JIL will be honoured by the company,” the source added. In its resolution plan, state-run NBCC has proposed to pay the entire amount due to financial creditors initially through an up-front payment of Rs 1,000 crore. On a later date, it would pay Rs 3,000 crore through a land swap deal, and the remaining Rs 5,782 crore would be paid off by giving lenders 100% stake in the Expressway SPV. It will also infuse Rs 500 crore to complete the pending housing projects.

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According to a note prepared by IDBI Bank, Jaypee’s largest lender, the company’s actual value stands at Rs 17,111 crore, while its distress value is pegged at Rs 14,548 crore. JIL has Rs 9,000 crore outstanding to various banks.

JIL’s assets include under-construction 25,000 apartments, and around 3,000 acre, mostly along with the Yamuna expressway.

Sudhir Valia-promoted Suraksha ARC is also in the fray.

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