Jaypee Infratech homebuyers have urged Prime Minister Narendra Modi and finance minister Arun Jaitley to instruct PSU banks to accord priority to their interest, provide for funding for timely construction of the units and payment of reasonable delay compensation. In a letter addressed to Modi and Jaitley by legal counsels representing around 2,460 homebuyers of Jaypee Infratech (JIL) and Jaiprakash Associates (JAL) who have purchased real estate projects Jaypee Greens Wish Town, Noida, have also demanded the creation of an escrow account in accordance with RERA norms and a deposit of at least Rs 4,000 crore for completing ongoing projects and timely possession of housing units. “If required, PSU lenders should accept deferment of their dues and/or accept land as settlement of their dues; and payment of reasonable compensation for delay to the JIL home buyers,” the letter said.
Homebuyers have asked for a compensation of more than 10%. “The JIL home buyers have suffered average delays of three-four years in the hands of JIL and completion of their projects may take another two-three 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,” the letter said.