For Jaypee home buyers, wait for court order may get longer – ET RealEstate

NOIDA: For some 17,000 homebuyers of Jaypee Wish Town, the wait for a resolution might stretch into 2021 as the courts are set to close for winter break next week.

“Over the past few days, we have been discussing this issue at video conferences. In its October 8 hearing, the Supreme Court had reserved its judgment. Now that the courts are closing for winter break next week, the pending issue of construction of the remaining flats will only be resolved in 2021,” said Ashish Mohan Gupta, a buyer.

Jayshree Swaminathan, another buyer, said, “Since our case has been heard by the Supreme Court, we are sure of an order. We hope it comes in December as only a week is left for the court to close for winter break. It has been a very long wait for the buyers and 2021 will be a decisive year.”

Of the 30,000 total flats in Wish Town, 17,756 are yet to be completed, according to NBCC. Of these pending flats, there are 656 in Aman, Garden Isles has 2,945 flats, Kasa Isles 1,871, Kensington Boulevard 3,372, Klassic 1,371, Krescent Homes 2,585 flats, and so on.

Of the 250 towers in Wish Town, construction of 110 towers is over. A total of 94 towers is almost 70% ready. In another 10 towers, the construction status is between 70%-90%. There are 6 towers where 90% of the construction has been done. Among the entire lot, there is only one tower where work is yet to start.

“The long-drawn insolvency process has tested our patience. It seems 2020 is leaving us empty-handed and 2021 is when we will finally know our fate,” Gupta said.



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Residents stranded as basement of Jaypee Wish Town’s Kensington Park gets flooded – ET RealEstate

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NOIDA: Residents of about 100 flats in Kensington Park, a highrise in Jaypee Wish Town, are stranded in their homes for the past five days as all elevators have stopped working due to waterlogging in the basements of all four towers.

Residents say it’s not possible for them to climb up and down the stairs from their apartments in the towers that have 19 floors each. They have blamed poor quality of construction and the absence of an effective drainage system for the waterlogging, triggered by heavy rains last week.

“Heavy rain last week deluged our basements, as a result of which lifts have stopped functioning. While we managed to get our cars out of the basements, the flooding has made lives miserable for those staying in upper floors. It’s not possible for them to use the stairs always,” said Madhu Mehra, a resident.

Of the 450 flats in the society, some 100 are currently occupied. “We have been left stranded literally for the past five days. Pumps kept in the basements have stopped functioning too due to which we are facing an acute water crisis as well. The water can be easily pumped out, but can’t understand why the management is not taking any action. The accumulated water can weaken the foundation of the buildings,” said Akshay Kumar, another resident.

Despite repeated attempts, the maintenance office of the Wish Town project could not be contacted.



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Registrations can now begin for completed flats of Jaypee Wish Town – ET RealEstate

NOIDA: With the Supreme Court reinstating Anuj Jain as the interim resolution professional (IRP) of Jaypee Wish Town project last week, the registration cell has asked buyers to deposit money and get their properties registered. The next date of hearing is on August 31.

“We have started the registration work. We will get to know how many buyers would come forward to get their flats registered in a week, we are working on it,” IRP Jain said. The registration cell letters ask buyers to carry PAN card, an address proof, and extra photographs of allottees and their family members for social club membership.

The letter inviting registration of flats also includes guidelines to be observed as precautions for Covid-19. According to the guidelines, only the allottee and co-allottee are to be present for the registration formalities in Sector 128 office.

All allottees have been also asked to wear face masks and carry their own hand sanitizers, apart from pens for signing documents. All registrations will be carried out as per prior online appointment. “I have received a letter asking me to deposit the registration money. The appointment date has not been sent yet,” GD Khare, a buyer said.

“The buyers whose apartments are already completed will now get the chance to get their flats registered since the IRP has been reinstated with adequate responsibilities. The fate of the remaining buyers who are waiting for the flats will only be decided in coming hearings at the Supreme Court. The case will be next heard on August 31,” said Raunak Jain, a lawyer representing a section of Jaypee Wish Town buyers.

After prolonged insolvency proceedings of Wish Town, the National Company Law Tribunal (NCLT) had given the construction rights for the pending flats to state-owned NBCC in March this year, but the company moved NCLAT, the appellate body, against NCLT, claiming their resolution agreement was dishonoured with the addition of extra financial liabilities.

Last month, a group of buyers had moved the Supreme Court, seeking direction to the National Company Law Appellate Tribunal (NCLAT) to persuade NBCC to immediately start construction in the Wish Town project and complete around 20,000 pending flats at the earliest. On August 6, the court disbanded the interim monitoring committee overseeing the operations of the project and reinstated the IRP.



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Noida: Jaypee Wish Town buyers left in lurch as construction gets stalled – ET RealEstate

NOIDA: Thousands of Jaypee Wish Town homebuyers are at their wits’ end as no construction work has taken place at the project site in the past 5-6 months.

This, despite the National Company Law Appellate Tribunal (NCLAT) giving conditional approval to the state-owned NBCC to complete the pending 20,000 Wish Town flats in April. A hearing at the Supreme Court is awaited on August 6 and another by NCLAT later this month.

On its part, NBCC claims it can only start construction at the site after completing the backend work required for the takeover of the project. NBCC had moved the appellate court against NCLT’s March 3 order because of some financial responsibilities transferred to it by the insolvency court that included additional farmers’ compensation and payoff to fixed deposit holders with bankrupt developer Jaypee Infratech Limited (JIL).

“Not a single brick has been laid at the Wish Town site since the NCLT order in March. This is a matter of concern as it seems deadlines have now been pushed very far,” Jaishree Swaminathan, a buyer, said. NCLT had in March approved NBCC’s resolution plan for Jaypee Wish Town.

Wish Town homebuyers claim that the interim monitoring committee set up by the NCLAT to supervise the day-today operation of JIL has also become incommunicado. “Buyers are trying to call the interim resolution committee. Some buyers have also been visiting its office, but most of them have not got any satisfactory answer from the officers at the helm,” Swaminathan said.

AM Gupta, another buyer at Wish Town, added, “We have records showing that the buyers are not being able to reach out to the offices of the interim resolution committee. Construction has come to a standstill but at least buyers should be able to speak to those in office.”

When contacted, PK Gupta, CMD of NBCC, said, “We will revert.”

The Wish Town project has been under the supervision of the interim monitoring committee since April 23. The committee members include the NBCC, former interim resolution professional Anuj Jain, and other stakeholders — IIFCL, LIC, and IDBI.



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