Jaypee homebuyers continue their agitation into the second day

Location

Jaypee homebuyers continue their agitation into the second day

Enraged buyers stormed the gates of the Jaypee office in Sector 128 today. Nobody from the builder's side was present to assuage the protesters. 

 

Jaypee homebuyers continue their agitation into the second day

Thousands of Jaypee homebuyers continued their protests today outside Jaypee office in Sector 128, Noida, for a second consecutive day. Yesterday, there were unable to enter the premises, but today they forced the security guards to open the gates.

However, no officials were present at the site to assuage the agitated buyers or to respond to their queries.

Buyers retaliated after finding out that the company is up for insolvency hearing at the Allahabad bench of the National Company Law Tribunal (NCLT).

Enraged protesters, who have flats booked in Jaypee Wish Town Klassic in Sector 128 and Jaypee Aman in Sector 151, demanded their money back.

 

Protesters on the office premises

 

“Buyers who have sought a refund, or are seeking justice in consumer courts, will not get anything until the NCLT case is settled. We are suffering — and the government bodies, including the state government and Noida Authority — have done nothing, but sit and watch from a distance,” reacted Ajay Koul, a buyer.

Noida MLA Pankaj Singh and Dadri MLA Tejpal Nagar met the buyers at around 3 pm.

Pramod Singh, a buyer, said, “Both the MLAs assured us of action. They will take up the issue with the CM. A delegation of buyers should also be allowed to meet the CM. We want a financial audit of the project, and an exact date for the delivery of the flats."

IDBI filed an insolvency plea in the tribunal after Jaypee Infratech defaulted on a loan of around Rs 8,500 crore. Although the realtor claimed that it held adequate assets to repay the loan, IDBI still went ahead and filed the plea. The tribunal has appointed chartered accountant Anuj Jain as the interim resolution professional (IRP) under Insolvency and Bankruptcy Code, 2016.

Buyers alleged that the builder was supposed to deliver the flats, booked in 2008, by 2011-12.

“We have paid about 80-90 per cent of the flat’s cost, and are still living in rented accommodations and paying EMIs. If we don’t get answers, we’ll sit on a hunger strike,” lashed out another buyer.

The project, with around 35,000 units, was started in 2009. So far, the developer has given possession of 5,000 flats.

No one from the builder’s side was available for comment.