Jaypee homebuyers request prime minister to intervene – ET RealEstate

Close to 20,000 homebuyers in the bankrupt realty developer Jaypee Infratech’s residential projects in Noida and Greater Noida have urged the Prime Minister Narendra Modi to intervene to ensure completion of stuck project.

Jaypee Kensington Boulevard Apartments Welfare Association (JKBAWA) have written to the Prime Minister after holding a protest at Jantar Mantar on Saturday.

“We are extremely confident that your urgent intervention will lead to early delivery of dream homes of thousands of homebuyers and play helpful role in economic recovery of our nation,” the association has said.

Recently, Supreme Court had asked Suraksha Realty and state-run NBCC (India) Ltd to submit modified or fresh resolution plans to take over the projects.

“Housing Minister Hardeep Singh Puri and Finance Minister Nirmala Sitaraman are well aware of our decade long problem. Despite of their honest and best efforts (change in IBC laws, formation of real estate funds for stuck projects) our miseries are not ending,” the letter reads.

Homebuyers have demanded unconditional bids from both NBCC and Suraksha Reality, so that they pass through CoC (committee of creditors) and stand legal scrutiny.

“We need support of banks as well. If there is shortage of startup construction money (Highly Unlikely) then we request FM to release the funds from real estate funds established for this purpose,” the letter reads.

Homebuyers have also alleged that Erstwhile promoters of Jaypee Infratech are creating impediments in the resolution process by influencing all the organs of government and other institutions.

“One thousand homebuyers have registered FIR. We request you to fast track the investigation process,” homebuyers said.

Jaypee Infratech went into insolvency in August 2017.

The apex court court had in August last year transferred to itself all appeals pending before the National Company Law Appellate Tribunal (NCLAT) against the NBCC plan to take over Jaypee Infratech and construct flats.

Jaypee Infratech’s committee of creditors (CoC) had on December 18, 2019 selected NBCC to acquire the company with 97.36% of the votes. The other contender was Suraksha Realty.

In March 2020, the National Company Law Tribunal (NCLT) had approved a proposal of NBCC to acquire Jaypee Infratech.

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