A decade gone, Jaypee Sports City homebuyers seek YEIDA’s help – ET RealEstate

NOIDA: Uncertainty looms large over the fate of more than 5,000 homebuyers who have invested money in the real estate projects that were part of Jaypee Sports City, a township along the Yamuna Expressway in Greater Noida.

Even after paying 80% of the total unit cost and waiting for a decade, these buyers have no clarity when they will get possession of the properties.

Jaypee Sports City Homebuyers Welfare Society, the association of the homebuyers stuck in the projects, on Saturday forwarded their representation to Yamuna Expressway Industrial Development Authority and urged officials to consider their interests during the next board meeting.

The subsidiary of Jaiprakash Associates floated 15 different projects under its master plan. Among them seven projects are in various stages of construction and 5,235 individuals have bought properties in the seven projects. Three of them were group housing projects — Kassia, Kove, Buddh Circuit Studios — while the other four offered developed plots and villas — Country Homes 1, Country Homes 2, GreenCrest Homes and Krowns.

Vice president of the society, Sunil Kumar Sharma said, “If at all the proposal of the Jaypee Associates is approved by the YEIDA’s board, we want officials to ensure that the interests of the homebuyers is fully protected. The possession schedule of the seven projects needs to be taken into account before any relief is offered to the group.”

The group of buyers also pointed out that the Uttar Pradesh government should order an inquiry against former YEIDA officials who were instrumental in offering relaxations to the group till 2017-18. “Moreover, due to Covid-19 lockdown and limited visits of plot owners to the projects, some local villagers encroached upon the land for carrying out farming,” said Shamendra Singh, a member of the society.

In December 2019, YEIDA cancelled the allotment of the lease deed and took back possession of the 2,500-acre land over non-payment of dues. YEIDA officials said that the dues amount to about Rs 950 crore at present.

To resolve the crisis, YEIDA will move a representation before senior UP government officials during the next board meeting. “We want the projects to be ready and hence have taken strong measures. We will certainly take the plea of buyers into consideration,” said Authority CEO Arun Vir Singh.



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NBCC wants four weeks more for Jaypee Wish Town plan – ET RealEstate

NOIDA: The government-backed construction company — National Buildings Construction Corporation (NBCC) — has sought from the Supreme Court four weeks more to assess whether it needs to submit a fresh and modified resolution plan to the National Company Law Tribunal (NCLT) for the construction of 17,000 flats in Wish Town.

The NBCC application, submitted with the apex court on April 3, also says that it may not submit a fresh resolution plan at the end of four weeks if it finds the circumstances “unviable”.

“It is submitted that the applicant is requesting for an extension of further four weeks’ time to assess the viability and feasibility of submitting a fresh/modified resolution plan for JIL. In case, submitting a plan in the circumstances stated above is found to be unviable, the applicant reserves its rights to not submit any further plans,” the application reads.

The Supreme Court had on March 24 asked NBCC and Suraksha — the two resolution applicants in the Jaypee Infratech Limited (JIL) insolvency resolution — to submit fresh proposals within two weeks. “My client needs at least four weeks more, as mentioned in the application,” said Prateek Kumar, who is representing NBCC in court.

In its application, the construction company also referred to a “cash flow” problem that may arise because of the “non-availability of Rs 750 crore”. On March 24, the apex court had said that the company chosen to complete the Wish Town flats would not have access to the Rs 750 crore that was deposited in the court by Jaiprakash Associates Limited (JAL) in favour of JIL.

Meanwhile, Anuj Jain, the resolution professional in the Wish Town case, confirmed that a financial management company, Grant Thorton, had been appointed to settle the internal transactions between JIL and JAL.

Wish Town buyers, who have sought the PM’s intervention in completing the flats, reacted strongly to NBCC’s appeal for an extension. “We will strengthen our protests in the days to come,” said Pramod Kumar, a buyer.

JIL is facing insolvency proceedings since 2017 for non-payment of corporate debt.



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Give details of Wish Town maintenance charges: Noida authority to Jaypee – ET RealEstate

NOIDA: The Noida Authority has asked the Jaypee group to provide details of maintenance charges levied on the residents of Wish Town over the past five years.

For the past two weeks, the residents have been protesting against the developer for raising an “insurance fee”, clubbing it with this year’s quarterly maintenance bill and deducting the entire amount from pre-paid electricity meters without their consent.

“In accordance with the demand of the residents, give full disclosure of five years of upkeep charges imposed. The builder has no right to charge anything other than what has already been agreed upon in the maintenance contract with the buyers,” Istiaq Ahmed, general manager (planning) of the Noida Authority, said in a recent letter to Jaiprakash Associates Limited (JAL).

The residents claim that depending on the size of their flats, they have been charged anywhere between Rs 500 and Rs 1,500 under the insurance head for the January-March quarter. Insurance, they say, is one of the three components which has been merged with maintenance and deducted in one go from their pre-paid electricity meters. Earlier, Jaypee used to raise bills only under two heads — upkeep and solid waste.

Sanjay David, a resident, has welcomed the move. “For the first quarter of this year, the residents were compelled to pay maintenance charges ranging between Rs 9,000 and Rs 20,000 — a 50% year-on-year increase — depending on the size of their apartments. This amount also includes the Rs 500-Rs 1,500 insurance fee. Moreover, the charges being levied by the builder does not match the quality of services being provided to us,” he said.

When contacted, an advisor to the Jaypee Group, Ajit Kumar, said, “We got the letter on Tuesday and we are going to send a detailed response to the Authority. The upkeep charge of Wish Town has been much lower as compared to other premiere projects in Noida. We have increased the charges overall by 10% and all this protest is regarding that issue.”

Some 10,000 families live in Wish Town currently.



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Jaypee Wish Town residents protest over ‘insurance fee’ in maintenance bill – ET RealEstate

NOIDA: Residents of Jaypee Wish Town staged a protest on Saturday against the developer for raising an “insurance fee”, clubbing it with this year’s quarterly maintenance bill and deducting the entire amount from pre-paid electricity meters without their consent.

The Jaypee management, however, claimed that ‘insurance’ is a component mentioned in the maintenance agreement with buyers.

Around 10am, more than 150 residents gathered on the Wish Town campus and protested against the “hiked” upkeep bills. The residents claimed that depending on the size of their flats, they were charged anywhere between Rs 500 and Rs 1,500 under the insurance head for the January-March quarter.

According to the residents, insurance is one of the three components which has been merged with maintenance and deducted in one go from their pre-paid electricity meters. Earlier, the developer used to raise quarterly upkeep bills only under two heads — maintenance and solid waste.

Sanjay David, a resident, said, “This quarter, the residents were compelled to pay maintenance charges ranging between Rs 9,000 and Rs 20,000 — a 50% year-on-year increase. This amount also includes the Rs 500-Rs 1,500 insurance fee.”

“What’s shocking is that the entire upkeep fees have been deducted from pre-paid meters and that too, without our consent,” he added. And those who did not have sufficient balance in their pre-paid meters, residents alleged, the maintenance office had abruptly disconnected the power supply to their flats.

Some 10,000 families live in Wish Town currently.

The maintenance of Jaiprakash Associates Limited flats are currently done by the builder himself.

Ajit Kumar, an advisor to Jaypee group, told TOI, “We have insured the properties of Wish Town — mainly the towers and the common areas against damage — and have been paying premium for the past five years. The cost of the insurance has now been passed on to the residents as per the maintenance agreement. We met the buyers on Saturday and asked them to meet us on Monday again for some negotiations.”

Residents said they had approached the Noida Authority on the hidden costs. “We have already submitted a written complaint to Noida Authority CEO Ritu Maheshwari,” said Tyagi. Noida CEO Maheshwari said, “I am not aware of this case.”



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