If buyers want Jaypee Knights Court can also be completed under supervision: RD Paliwal, UP-RERA – ET RealEstate

NOIDA: After Kalypso Court, which will now be completed by the developer under the supervision of investors, the Uttar Pradesh Real Estate Regulatory Authority (UP- Rera) may provide a similar solution for the completion of Knights Court, another Jaypee project in Sector 128, if the homebuyers agree.

JAL has a handful of projects at Wish Town, including Kalypso Court, Knights Court, Imperial, Pavillion Court and Pavillion Heights. Knights Court and Kalypso are the only incomplete projects. On Wednesday, the UP-Rera finally gave a go-ahead to the Jaypee Group to complete the 304 pending flats at Kalypso and had also asked the developer to make an upfront payment of Rs 12 crore in a separate account as a commitment.

“The construction will start soon. If this arrangement works smoothly, we can offer a similar solution for Knights Court, but there has to be a consensus among buyers for such a demand. So far, there is only a discussion on the issue,” said RD Paliwal, conciliator at UP-Rera.

The construction work at Kalypso Court started in January 2008. Of the 15 towers, four towers having 304 units are incomplete. The completion date lapsed on July 1, 2018.

Progressive Welfare Society, an association of allottees with 152 members, had approached UP-Rera with a request to facilitate the remaining development of their allotted units at Kalypso. The total cost of completion of the remaining flats is pegged at Rs 103cr.

After JAL agreed to contribute Rs 45 crore for the project, the UP-Rera gave its nod to the completion of the 304 flats and also set up a committee for monitoring of the project.



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About 3,200 buyers of Jaypee Kove, Kaffia, and Buddh Circuit Residency seek refund – ET RealEstate

NOIDA: Homebuyers of Jaypee’s three residential projects in the Yamuna expressway region have moved the UP Real Estate Regulatory Authority (UP-Rera) seeking refunds on their investments in flats that have not been constructed yet.

The Yamuna Expressway Authority has, meanwhile, expressed its willingness to complete the projects if the Allahabad HC vacates a stay on land lease cancellation over non-payment of dues by the builder.

Around 3,200 buyers had invested in Kove, Kaffia, and Buddh Circuit Residency projects floated by Jaypee Sports International Limited (JSIL), a subsidiary of the Jaypee Group, between 2012 and 2014.

The residential projects in Sector 25 of the Yamuna Expressway region were supposed to be completed by 2017. However, no construction activity has taken place at the project sites till date.

Moreover, YEIDA cancelled the 1,000-hectare land allotment of Jaypee in 2019 due to non-payment of dues even after 10 years. Though the Allahabad HC later stayed the Authority’s order, it had also directed the builder to pay the dues to the tune of Rs 287 crore in installments to YEIDA by March 2020.

But according to YEIDA, the builder has so far only paid up only Rs 55 crore. “We are now stuck, we don’t know what would be the outcome. So, I have made an appeal to UP-Rera seeking a refund, many other buyers are doing the same,” Sanjeev Agarwal, one of the investors, said. Commenting on the issue, Arun Vir Singh, CEO of YEIDA, said, “We had given the builder a lot of relaxation on payment, but it has repeatedly failed to clear the dues, so we had cancelled the lease. We will complete all the houses that the builder had committed to the buyers.”

Balvinder Kumar, member of UP-Rera, said, “We have been getting applications over the last few days from buyers who have invested in these projects, we will start hearing them soon.” The developer could not be contacted.



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