Noida: Over 20,000 Jaypee buyers begin voting on NBCC, Suraksha bids – ET RealEstate

NOIDA: Homebuyers of Jaypee Wish Town have started voting to choose either Mumbai-based Suraksha or public sector company NBCC as the bidder of choice for the completion of nearly 20,000 flats.

“A secure link has been sent to the buyers on June 12 evening. The buyers have the option of saying ‘Yes’ to one candidate. Both NBCC and Suraksha’s proposals have been put up for the consent vote,” a homebuyer told TOI. The buyers have also been given individual login ids and passwords.

The voting process will conclude on June 24. “Buyers are getting a long window to participate in the voting process this time and we hope that most buyers would come forward to cast their vote,” another Wish Town buyer told TOI. While the total number of homebuyers accounted for at NCLT’s Committee of Creditors (CoC) is 20,500, around 12,000 participated in the voting process carried out in 2019.

NBCC and Suraksha have submitted competitive bids to bag the Wish Town project. The fate of the JIL insolvency case is likely to be decided post the voting process. “A long wait is drawing to an end. We are relieved,” a buyer said.

The major differences between the proposals by NBCC and Suraksha is that the latter has promised to infuse Rs 3,000 crore upfront to start construction, while NBCC has offered Rs 2,000 crore. NBCC has promised completion between 15 and 42 months, while Suraksha would take between six and 40 months. NBCC will liquidate 1,903 acres of land to pay off debts of institutional creditors as compared to 2,552 acres of land pledged by Suraksha.



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Jaypee home buyers feel legal battle has become an unending story – ET RealEstate

NEW DELHI: Jaypee homebuyers once again seem to be in limbo as on May 24 the Committee of Creditors (COC) have decided to defer the voting process on Suraksha group’s bid whereas State-owned NBCC’s bid was rejected too for being non-compliant despite its assurance that, the bid it made was fully compliant as per the insolvency laws.

Now two days voting process on May 27 and 28 will further lay the ground to decide whether additional time should be given to NBCC and Suraksha to submit their final bids.

However, waiting for their homes for more than a decade, Jaypee homebuyers once again stuck in another legal process which might further delay the delivery of their flats. For them it is another legal battle and they feel that the process will only delay the completion and delivery of their flats.

Sanjeev Sahani, a Jaypee homebuyer, says, “It is too much of complications that is gong on right now. This legal battle has become an unending story for us. We had 45 days to complete the process and another 30 days were sought as an extension for which the approval still has not been received because we have not been heard by the Supreme Court yet. It has become a big joke that we are not able to adhere to the Supreme Court’s guidelines and the COC is keep on extending this process for one reason or the other. As a homebuyer, there is a lot of frustration and loss of money every single day we are incurring and losing the deadline for the process to end. If this process was completed two years back we would have got our homes by now.”

Both the bidders in the fray now are trying their best to lure the buyers with best deals but non-compliance and approval issues not clearing way for the projects to get completed and delivered to buyers. In fact, Jaypee homebuyers also held a virtual discussion recently with NBCC and the company assured homebuyers that they would deliver 70% units in 30 months once the resolution plan is cleared. However, some buyers feel that NBCC has been given many chances but why it is not able to submit a legally compliant bid is beyond their understanding.

Sahani further adds, “Both the NBCC and Suraksha are trying to woo homebuyers with their deals and asking them to support their bids. However, NBCC has been given about 45 days and then another 30 days for submit a bid but despite four chances it failed to do so. They should have been good enough to submit a compliant bid as they are part of this process for the past two years and they are very thorough with the IBC law as well. Every time there is a delay and if they are not able to adhere to the Supreme Court’s timelines then we have questions in our minds.”

Considering the buyers’ apprehension, NBCC is constantly in touch with buyers and proposed to set up a single-window redressal system to help resolve their grievances. This is the fourth round of the bidding process in the JIL bankruptcy case. The Supreme Court, in March this year, ordered that bids be called only from NBCC and Suraksha group.

Another Jaypee buyer, SK Suri, explains, “In the two days voting process, homebuyers will vote and take a call on whether more time to be given to the two bidders. Post this, there will be a discussion on the result and then it has to be approved by the IRP who will seek approval for the same and then the successful bid be considered as approved. NBCC has already said that their bid is compliant and promised to correct any other loopholes in their submission. Currently there is no construction going on the projects, I feel it wont start any time soon considering the legal complications now. We only want our homes on time, whoever completes our homes and gives us the delivery will get our backing. Homebuyers are ready to support whichever bid the banks will support as they are key stakeholders in this case.”

Homebuyers feel that this case take new turns every time there is any hope to complete the legal process and a bid appears to reach the final stage. Considering the situation now, it seems buyers have no option but to keep pursuing their case and hope for their flats to be completed without further delay.



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Noida: IRP to seek 30-day extension from SC for Jaypee Wish Town proposals – ET RealEstate

NOIDA: The interim resolution professional (IRP) holding charge of Jaypee Infratech Limited (JIL) has decided to seek an extension of 30 days beyond the 45 days given by the Supreme Court to the National Company Law Tribunal (NCLT) to select a construction company that will complete 19,500 much-delayed flats at Jaypee’s Wish Town project.

In an email, the IRP has sought permission of homebuyers before he files a petition in the Supreme Court.

The court had given the IRP 45 days for fresh proposals from the two resolution applicants (RA) – state-run construction company NBCC and Suraksha.

While both RAs submitted their proposals, the IRP has noted that neither complies with the norms set by the Insolvency & Bankruptcy Code (IBC) for the resolution.

They have been asked to make changes in their proposals.

In the letter sent by IRP Anuj Jain to buyers’ representative Kuldeep Verma and marked to all stakeholders of the committee of creditors (CoC), he has cited the following reasons for seeking time extension: “IDBI and other members of CoC will need some time for their approval on resolution plans, homebuyers are yet to comment on the proposals of Suraksha and NBCC, revised plans will have to be submitted by Suraksha and NBCC after taking in suggestions of stakeholders, (and) after new plans come, voting lines will need to be opened for 4-5 days as a large number of voters who will select the best plan.”

Delay in timelines because of the pandemic will also have to be considered, the IRP wrote.

In a call with the IRP on Tuesday, homebuyers said they will agree to an extension only on the condition that the resolution applicants submit bona fide proposals and do not delay the resolution in all earnestness.

“We seek full earnestness from NBCC and Suraksha at this time because we have already lost enough time. These delays cannot once again snowball into a series of date extensions as we have witnessed in the JIL resolution so far,” said Ashish Mohan Gupta, a buyer.



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DDA fast tracks Sanjay Lake View Complex project – ET RealEstate

NEW DELHI: Delhi Development Authority has put its ambitious Sanjay Lake View Complex project, which was on the backburner for the past few years, on the fast track. The project will have highrise apartments with uninterrupted view of the huge waterbody in east Delhi, apart from commercial units like hotels and lakefront plazas, promenades and skywalks.

The complex near Trilokpuri is one of the Transit Oriented Development (TOD) projects planned by DDA along with NBCC. It will come up adjacent to Trilokpuri-Sanjay Lake Metro Station of Pink Line on land measuring 10.3 hectares (25.3 acres).

The change in land use from commercial to residential was approved in a recent meeting of DDA chaired by LG Anil Baijal. “The project shall be developed for mixed use based on TOD norms. It envisions a transformatory role for the area and will enhance the local economy. It will help catalyse change and, eventually, restore a sense of safety and social pride in adjoining Trilokpuri and Kalyanpuri,” a DDA spokesperson said.

The project planned in 2015 included twin corporate towers, green area, studio apartments, old-age homes and hotels. However, the residential area was found to be more viable in the long run. The mixed commercial and residential development will ensure that the area remains active throughout the day, making it safer for women, all thanks to “eyes on the lake”.

This would be the second TOD project to be undertaken by DDA with NBCC after the Karkardooma project, which is bigger in scale and preliminary work on which has started.
DDA fast tracks Sanjay Lake View Complex projectThe TOD policy for Delhi was notified by Centre on December 24, 2019 as part of Master Plan of Delhi 2021. After consultation with various stakeholders, certain modifications were suggested in the policy. These included enabling developers to prepare Influence Zone Plans and integration and development of multi-modal transit hubs. Additional development control norms in terms of ground coverage, active frontage, parking and other building controls were also added.

“The policy envisages sustainability features for development of hubs such as zero waste discharge, 100% treatment and maximum reuse of wastewater, segregation and reuse of 100% green waste, at least 10% of the energy demand should be met through renewable sources like solar, etc,” said the DDA spokesperson.

DDA said people would be able to enjoy the view and amenities at the lake, such as boating, jogging, playing, etc. It believes the attractions would increase footfall, making the area more active round the clock. It added the project would not affect the Sanjay Lake catchment area in any way as no permanent constructions would be undertaken in the green area and only fully permeable and organic materials would be used.



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