‘Missing’ 10% in Jaypee: Nearly 2,000 buyers haven’t claimed homes – ET RealEstate

NOIDA: As votes pour in to pick between NBCC and Suraksha to complete nearly 20,000 houses at Jaypee Wish Town, there are nearly 2,000 homebuyers who stand to lose their investments and run the risk of forfeiture.

The approximate value of the forfeiture is estimated at around Rs 1,000 crore.

All creditors had time till 90 days from the commencement of the bankruptcy resolution process to claim their stake as stipulated by the Insolvency and Bankruptcy Code (IBC).

According to interim resolution professional (IRP) Anuj Jain, there are 1,933 buyers who have not claimed their property on paper and another set of 258 buyers who have claimed their houses late – after the official period designated by the Supreme court for buyers to fill the forms in 2017.

NBCC has upheld an order by the Supreme Court in which it had pronounced that unclaimed properties should stand extinguished.

However, Suraksha has taken a more accommodating stand – it has proposed that it would consider homebuyers’ claims until the end of proceedings at the National Company Law Tribunal (NCLT).

According to sources, the IRP’s office has on numerous occasions published advertisements and urged buyers to claim their property. Some of those who haven’t filed claims have paid up to 90% of their flat value. One such buyer is Kanishk Singh, a commercial pilot with a national airline. He told TOI, “I stay out of the country for long periods. I booked a flat for Rs 50 lakh flat a long time back. I have paid up to 90% of the flat’s cost but had no idea that I would have to fill a form to make a claim for my apartment. I filled up a form this month (June 3). I do hope my funds don’t get forfeited.”

Buyers of Jaypee Wish Town had over eight months to fill up forms and claim their property in 2017. A list was submitted by Jaypee Infratech on December 6, 2019, to the committee of creditors (CoC) overseeing the insolvency resolution, which declared a total 18,969 buyers as ‘active’ – those who wanted their houses.

The committee listed 412 buyers as refund seekers (‘inactive’) and 2,400 who had been given offers of possession.

A total of 2,191 buyers were listed by Jaypee as buyers who did not file their claims till December 2019.

From January 2020 till June 2021, 258 buyers have filled up forms, though these are not officially reflected in CoC records.

The Supreme Court had in a judgment clarified that “In the very scheme of the corporate insolvency resolution process, a resolution applicant cannot be expected to make a provision in relation to any creditor or depositor who has failed to make a claim within the stipulated and extended time”.

“The buyers who have not filed claims are not part of CoC or the voting process,” said IRP Jain.



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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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Rehabilitation of displaced families for Noida airport to be complete by July 15 – ET RealEstate

GREATER NOIDA: The rehabilitation of all displaced families, without which work on the first phase of the Noida airport project cannot start, is expected to be completed by July 15.

On Wednesday, Meerut divisional commissioner Surendra Singh visited the six villages where the proposed Jewar airport will come up, to monitor the progress of the rehabilitation process.

Nearly 600 of the over 3,000 families have partially been moved from their homes, out of which a majority of the families are from Nagla Ganeshi, Nagla Phoolkan and Dayanatpur Khera villages.

In the first phase, officials have to get all the six villages vacated to organise the foundation stone laying ceremony for the Noida International Airport project. Meanwhile, villagers have said they are not being given time to complete the construction of their houses in Jewar Bangar township and are instead being asked to shift immediately.

In fact, senior UP government officials are monitoring the progress of the project on a daily basis. A WhatsApp group has been formed to share the updates and issues about the airport project on a real-time basis with officials in Lucknow. The Gautam Budh Nagar administration, which has deployed nine sub-divisional magistrates, sends the status report to the chief minister’s office every evening. Senior officials of Yamuna Expressway Industrial Development Authority and representatives of Yamuna International Airport Private Limited (YIAPL), the special purpose vehicle established by the UP government to jointly develop the project, also had a discussion with the divisional commissioner in the evening.

YEIDA’s CEO Arun Vir Singh, who is also the head of YIAPL, said, “Villagers are being given all the support to get their house constructed over the plots allocated to them in Jewar Bangar. We are providing 24-hour supply of electricity and water so that the construction of houses can take place even during the night. Nagla Ganeshi and Kishorepur have already been vacated and all the 250 families in them have shifted.”

Of the total 1,334 hectares to be handed over to the subsidiary of Zurich AG given the concession rights to set up and operate the airport, 1,287 hectares do not have any structures. As the runway has been planned over and around Nagla Ganeshi, officials convinced 238 families from the village to uproot first.

Member of the monitoring committee set up by the government to take feedback from the villagers, Mozzam Khan said, “Majority of the villagers have been supporting the project and have made up their mind to shift. However, a section of villagers wants to be given some time to construct their houses due to financial hardships and other reasons.”



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Greater Noida: Habitech Panchtatva residents protest against builder over power cuts – ET RealEstate

GREATER NOIDA | NOIDA: Troubled by long power cuts and DG set failure, around 300 residents of Habitech Panchtatva society in Greater Noida sat on a protest on the society premises for around five hours late Tuesday night.

The residents said that while they had been getting power supply only for a few hours since Monday, the DG set installed on the society premises was of no major help as it would stop functioning soon after getting heated. Subhash Tiwari, one of the residents, told TOI that while they had been facing prolonged power cuts for the past one and half months, the situation has become especially unbearable since Monday.

“On Monday, we got power supply only for six hours and it remained affected for almost 18 hours. On Tuesday too, a similar problem was faced and when it became too much, residents had to gather and sit on a protest in the society premises. We tried to contact the society maintenance and the builder for help but received no response,” he said.

Tiwari added that earlier too, they had protested against the builder at the maintenance company office but to no avail.

Residents alleged that while the UPPCL power supply lasted only for about two hours, they were forced to depend on the DG set which failed due to overuse. They pointed that senior citizens, children and those in quarantine have had a tough time as they suffered due to the prolonged outages. “We have never tried to indulge in any unauthorised action till now but we had gone to the local police chowki on Wednesday seeking action against the builder,” said a resident who had been sitting on protest.

Police arrived at the spot early on Wednesday afternoon and tried to mediate between the residents and the company officials. However, later in the evening, cops said that an FIR was being lodged against builders under IPC sections 420 (cheating) and 406 (punishment for criminal breach of trust).

Meanwhile, a statement from the Habitech Panchtatva read: “Yesterday (Tuesday) night, there were long power outages. Also, there was short circuit in the generators for around 20 minutes. Despite best efforts, residents faced inconvenience for a short while. Later, the problem has been resolved. On Wednesday, a new, more powerful generator of 1250kv was installed and made operational after replacing the old 750kv generator.”

Similar situation was faced in Noida as well with several sectors reporting outages for hours as well as intermittent power cuts, besides voltage fluctuations.

While technical snag in the 400kv substation was cited as the reason for Sector 71 area, overheating of transformer were reported from others. When contacted VN Singh, chief zonal engineer, Noida power department PVVNL, told TOI that there was a technical snag in a 400kv substation which led to the problem in Sector 71. While at other places the issues were local.



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